.JetBlue Airways is sweetening its bid with an extra $150 million to win control of SpiritAirlines in hopes that shareholders will reject a merger with rival Frontier Airlines.
JetBlue's enhanced bid includes a reverse breakup fee of $350 million in the event that a merger between the two carriers fails to win regulatory approval, the company announced Monday in an effort to dissuade Spirit stakeholders from voting to merge with Frontier on Friday.
Frontier also upped the stakes of its own bid, offering a revised proposal last week that would provide $250 million in the event the merger wasn't approved by regulators, according to the Washington Post.The revised proposals follow a weekslong bidding war to merge with the low-cost carrier. In May, the Spirit Airlines board of directors rejected JetBlue's initial $3.6 billion offer to merge.
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