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Friday, May 20, 2022

JetBlue makes offer for Spirit in attempt to derail deal with Frontier

JetBlue’s cash offer is about 33% more than the value of Frontier’s stock-and-cash offer for Spirit. Such a transaction would stop a combined Frontier and Spirit from leapfrogging JetBlue to become the nation’s fifth largest airlines behind the four airlines — American (AAL), United (UAL), Delta (DAL) and Southwest (LUV) — that among them carry more than 80% of the nation’s air traffic.

“The combination of the two airlines would position JetBlue as the most compelling national low-fare challenger to the four large dominant US carriers by accelerating JetBlue’s growth,” said JetBlue in its statement.

Spirit said that it “will work with its financial and legal advisors to evaluate JetBlue’s proposal and pursue the course of action it determines to be in the best interests of Spirit and its stockholders.”

For its part, Frontier defended its offer as the superior deal for passengers and…

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