The bid introduces a new factor into an ongoing merger effort involving Spirit and Frontier.
Tuesday’s bid introduces a significant factor into an ongoing merger effort involving Spirit and low-cost carrier Frontier Airlines that would create the nation’s fifth-largest carrier.
In a statement responding to JetBlue’s bid, Frontier said the latest offer “would lead to more expensive travel for consumers.” Frontier cited “significant East Coast overlap between JetBlue and Spirit” that it said would reduce competition and options for consumers. Under the Spirit and Frontier agreement, Spirit shareholders would receive 1.9126 shares of Frontier stock plus $2.13 in cash for each existing Spirit share they own, according to Spirit. Frontier said that agreement has “substantial upside potential” for both companies’ shareholders.
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