JetBlue has submitted an improved proposal to the Board of Directors of Spirit to acquire all of the outstanding common stock of Spirit.
JetBlue’s proposal is an update to its previous proposals, and offers Spirit stockholders demonstrably superior value, more regulatory protections, and the prepayment of a portion of cash consideration.
In a letter to the Board of Directors of Spirit, JetBlue CEO Robin Hayes said that the company’s acquisition of Spirit would create a true national competitor to the dominant legacy carriers, delivering low fares and a great experience for more customers, more opportunities and good paying jobs for crew members, and more value for stockholders.
“The key features of our Improved Proposal – the up-front cash payment and increased reverse break-up fee – reflect the seriousness of our commitment and underscore our confidence in completing this transaction,” added Hayes. “Additionally, given the similar regulatory risks of the two transactions and the increased reverse break-up fee we are prepared to provide, we believe our improved proposal remains a superior proposal by any measure.”
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