Spirit Airlines calls for shareholders to reject JetBlue bid

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JetBlue says its $30 a share offer is superior to the value of Frontier’s cash-and-stock deal and regulatory concerns are not a reason to reject its bid

. Shareholders are set to vote on Frontier’s offer, which currently values Spirit at about $20.33 per share.

The sixth largest U.S. passenger carrier, JetBlue would operate Spirit under the JetBlue brand, but promised a $200 million reverse break-up fee, or $1.80 per Spirit share, if the deal did not go through for antitrust reasons. JetBlue reiterated its argument the “Spirit Board, driven by serious conflicts of interest, continues to ignore the best interests of its shareholders by distorting the facts to distract from their flawed process and protect their inferior deal with Frontier.”

 

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