Spirit shareholders can push for more legroom - JMAGuilford -
Budget U.S. carrier Spirit Airlines said on May 19 that shareholders should reject an unsolicited tender offer from rival JetBlue Airways of $30 per share, launched on May 16. The hostile offer is below the $33 per share that JetBlue previously offered Spirit, though JetBlue has said it could increase its price if allowed to conduct due diligence.
Spirit previously agreed to be acquired by ultra-budget peer Frontier on February 7, in a cash-and-stock deal valued at $18.81 per share based on Frontier’s closing price on May 13. Spirit has rejected JetBlue’s previous overtures, saying that a tie-up would be unable to obtain antitrust approval.FILE PHOTO: FILE PHOTO: A Spirit Airlines Airbus A320-200 airplane sits at a gate at the O'Hare Airport in Chicago, Illinois October 2, 2014.
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