{"id":19304,"date":"2022-05-02T07:46:22","date_gmt":"2022-05-02T14:46:22","guid":{"rendered":"https:\/\/marketdepth.com\/?p=19304"},"modified":"2022-05-02T07:46:24","modified_gmt":"2022-05-02T14:46:24","slug":"spirit-airlines-has-rejected-jetblue-airways-takeover-offer","status":"publish","type":"post","link":"https:\/\/marketdepth.com\/spirit-airlines-has-rejected-jetblue-airways-takeover-offer\/","title":{"rendered":"Spirit Airlines has Rejected Jetblue Airways Takeover Offer"},"content":{"rendered":"\n
Spirit Airlines (NYSE: SAVE) has opted to reject JetBlue Airways (NASDAQ: JBLU) takeover offer, after stating that it was likely not to gain approval from government regulators. Meanwhile, JetBlue took the denial as a chance to better its offer by providing a USD200 Million reverse break-up cost.<\/p>\n\n\n\n
“We believe a combination of JetBlue and Spirit (SAVE<\/a>) has a low probability of receiving antitrust clearance so long as JetBlue’s Northeast Alliance with American Airlines (AAL<\/a>) remains in existence. Given this substantial completion risk, we believe JetBlue’s economic offer is illusory, and Spirit’s board has not found it necessary to consider it.”<\/p>said a letter from Spirit to JetBlue released early Monday<\/cite><\/blockquote>\n\n\n\n
Spirit now intends to finalize a deal with Frontier, a venture that would form the biggest ultra-low-cost carrier and ultimately be able to compete with airlines on a nationwide level. Furthermore, under the deal, Spirit equity holders would be given 1.9126 shares of Frontier, as well as $2.13 in cash per each existing Spirit, share they own.<\/p>\n\n\n\n
\u201cSpirit continues to believe in the strategic rationale of the proposed merger with Frontier and is confident that it represents the best opportunity to maximize long-term shareholder value. After a thorough review and extensive dialogue with JetBlue, the Board determined that the JetBlue proposal involves an unacceptable level of closing risk that would be assumed by Spirit stockholders.\u201d<\/p>Mac Gardner, chairman of the board of directors for Spirit Airlines<\/cite><\/blockquote>\n","protected":false},"excerpt":{"rendered":"Spirit Airlines (NYSE: SAVE) has opted to reject JetBlue Airways (NASDAQ: JBLU) takeover offer, after stating that it was likely not to gain approval from government regulators. Meanwhile, JetBlue took the denial as a chance to better its offer by providing a USD200 Million reverse break-up cost. “We believe a combination of JetBlue and Spirit… View Article<\/a>","protected":false},"author":3,"featured_media":19305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":0,"footnotes":""},"categories":[10,31,12,16],"tags":[],"acf":[],"yoast_head":"\n
Spirit Airlines has Rejected Jetblue Airways Takeover Offer - MarketDepth<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n