Frontier is now offering $4.13 per share, which is $2 more than their original offer. They are also upping the proposed reverse break-up fee to $350 million compared to the previous $250 million. Finally, Frontier also committed to a pre-payable $2.22 to shareholders of Spirit.

It has been a back-and-forth battle between Frontier and JetBlue for a chance to acquire Spirit. JetBlue has been particularly aggressive in its attempts, sweetening the deal multiple times. Frontier doing the same should now even the playing field.

Regardless of the route Spirit shareholders take, the end result will be the fifth-biggest airline in the United States. At the moment, there is much more support for the Frontier and Spirit merger than the JetBlue and Spirit. Ted Christie, the CEO of Spirit, has been in favor of the Frontier deal, believing that it will have an easier path to confirmation by U.S. regulators. Proxy advisory firm Institutional Shareholder Services Inc (ISS) now shares his view as well after previously favoring JetBlue’s offer.

The post Frontier Airlines Sweetens Bid for Spirit Ahead of Shareholder Vote appeared first on theprimarymarket.com.

The new terms would see shareholders getting $31.50 in cash, including $30 at deal close and a prepayment of $1.50. The latter would come from a raised reverse break-up fee, which was increased from $150 million to $350 million according to the latest offer.

JetBlue’s last-minute attempt comes after Frontier Group Holdings Inc. emerged as a favorite to take Spirit under its wing. Frontier’s offer includes $250 million in reverse break-up fee. It is subject to vote by Spirit’s shareholders on Friday and has already been endorsed by advisory firm Glass Lewis.

JetBlue always offered better financial terms, surpassing $3 billion both times. On the other hand, Frontier offered around $2.8 billion, but Glass Lewis believes they have much an easier path to sealing the deal and avoiding antitrust regulations. However, the firm will now have to revise its opinion due to JetBlue’s improved offer.

It remains to be seen how Friday’s vote unfolds, but it shouldn’t be surprising if the pressure of big investors causes shareholders to walk away from Frontier and turn to JetBlue.

The post JetBlue Makes Last-Minute Improved Offer for Spirit Airlines appeared first on theprimarymarket.com.

Frontier is now offering $4.13 per share, which is $2 more than their original offer. They are also upping the proposed reverse break-up fee to $350 million compared to the previous $250 million. Finally, Frontier also committed to a pre-payable $2.22 to shareholders of Spirit.

It has been a back-and-forth battle between Frontier and JetBlue for a chance to acquire Spirit. JetBlue has been particularly aggressive in its attempts, sweetening the deal multiple times. Frontier doing the same should now even the playing field.

Regardless of the route Spirit shareholders take, the end result will be the fifth-biggest airline in the United States. At the moment, there is much more support for the Frontier and Spirit merger than the JetBlue and Spirit. Ted Christie, the CEO of Spirit, has been in favor of the Frontier deal, believing that it will have an easier path to confirmation by U.S. regulators. Proxy advisory firm Institutional Shareholder Services Inc (ISS) now shares his view as well after previously favoring JetBlue’s offer.

The post Frontier Airlines Sweetens Bid for Spirit Ahead of Shareholder Vote appeared first on theprimarymarket.com.

The new terms would see shareholders getting $31.50 in cash, including $30 at deal close and a prepayment of $1.50. The latter would come from a raised reverse break-up fee, which was increased from $150 million to $350 million according to the latest offer.

JetBlue’s last-minute attempt comes after Frontier Group Holdings Inc. emerged as a favorite to take Spirit under its wing. Frontier’s offer includes $250 million in reverse break-up fee. It is subject to vote by Spirit’s shareholders on Friday and has already been endorsed by advisory firm Glass Lewis.

JetBlue always offered better financial terms, surpassing $3 billion both times. On the other hand, Frontier offered around $2.8 billion, but Glass Lewis believes they have much an easier path to sealing the deal and avoiding antitrust regulations. However, the firm will now have to revise its opinion due to JetBlue’s improved offer.

It remains to be seen how Friday’s vote unfolds, but it shouldn’t be surprising if the pressure of big investors causes shareholders to walk away from Frontier and turn to JetBlue.

The post JetBlue Makes Last-Minute Improved Offer for Spirit Airlines appeared first on theprimarymarket.com.