It includes a pre-payment of $1.50 per share to stockholders if shareholders approve of combining the airlines, which is an increase from earlier this month’s $31.50 per share offer.
On June 30, Spirit’s special stakeholder meeting will conduct a vote on a merger with Frontier Group Holdings, during which Spirit shareholders are expected to vote on the newest bid from JetBlue (NASDAQ: JBLU).
Even though the Spirit board has already authorized Frontier’s cash and equity offering, which values Spirit (SAVE) shares at about $21, the board has already postponed its June 30 meeting once to continue negotiations with the company’s investors, Frontier, and JetBlue
The current JetBlue offer provides a 68 percent premium above the estimated value of the Frontier contract, according to the airline.
However, as part of the terms of their current merger deal with Frontier, Spirit said it will continue conversations with JetBlue.
JetBlue was provided the same comprehensive due diligence information as Frontier, according to the company’s statement.
At the time, Spirit said it anticipated providing an update to shareholders ahead of the June 30 special meeting.
The post Jetblue on Monday Increased Its Bid to $33.50 Per Share for Each Stock of Spirit Airlines. appeared first on Best Stocks.
