Frontier Airlines may have lost the bidding war for Spirit Airlines, but its future as a standalone carrier looks bright—especially with its largest ULCC competitor now out of the picture.
Spirit Airlines agreed to be acquired by JetBlue Airways in an all-cash deal valued at $3.8 billion, a move that comes one day after its shareholders formally rejected a competing offer from Frontier Airlines.
If Spirit and JetBlue do eventually agree on the terms of a transaction, they will still need shareholder approval as well as antitrust approval from the U.S. Justice Department.
JetBlue Airways upgraded its proposal for Spirit Airlines again as the tit-for-tat bidding war with Frontier Airlines heated up ahead of a June 30 shareholder vote.
JetBlue Airways sweetened the terms of its bid to acquire Spirit Airlines, part of an effort to win over Spirit’s shareholders ahead of a fast approaching vote on whether to merge with Frontier Airlines.
Spirit Airlines CEO Ted Christie is reiterating his firm opposition to the hostile takeover effort initiated by JetBlue Airways, describing it as a “cynical” attempt to disrupt Spirit’s planned merger with Frontier Airlines.
Executives at Spirit Airlines reiterated their opposition to the merger proposal from JetBlue Airways and urged shareholders to approve the competing bid from Frontier Airlines at an upcoming shareholder vote.
Manchester-Boston Regional’s Ted Kitchens discusses the impact of the airport’s first new airline partner in 17 years and how it is working to reduce leakage to nearby Boston International.