Subscribe

Get Started

Learn more about Credit Cards, Travel Programs, Deals, and more.

Start Here
Credit Cards
JetBlueSpirit

JetBlue Makes Hostile Takeover for Spirit Airlines

DDG
DDG

Enjoy MtM's content? Shop Amazon and we earn a commission!

Find all of the latest deals.
Shop now!
This post may contain affiliate links - Advertiser Disclosure. As an Amazon Associate, we earn from qualifying purchases.

JetBlue Spirit Airlines

JetBlue Makes Hostile Takeover for Spirit Airlines

JetBlue launched a hostile takeover bid this week to acquire Spirit Airlines. The company announced that it has filed a “Vote No” proxy statement “urging Spirit shareholders to vote AGAINST the inferior, high risk, and low value Spirit/Frontier transaction at Spirit’s upcoming special meeting.”

The move comes after Spirit Airlines rejected JetBlue’s $33 per share, all-cash offer earlier in the month. Spirit rejected the offer and decided to go ahead with a planned $2.9 billion-cash-and-stock deal to merge with Frontier Airlines. Spirit shareholders are scheduled to vote on June 10th on the Frontier bid.

JetBlue has now offered an all-cash, fully financed tender offer to acquire all of the outstanding shares of Spirit for $30 per share. “Given the Spirit Board of Directors’ complete unwillingness to share the same necessary diligence information that was shared with Frontier, JetBlue is now offering to acquire Spirit for $30 per share in cash through a fully financed tender offer,” the New York based airline said in a statement. “This represents a 60% premium to the value of the Frontier transaction as of May 13, 2022.”

“If the Spirit shareholders vote against the transaction with Frontier and compel the Spirit Board to negotiate with us in good faith, we will work towards a consensual transaction at $33 per share, subject to receiving the information to support it,” JetBlue said.

JetBlue launched a website at http://www.JetBlueOffersMore.com where it has published a letter to Spirit shareholders detailing the benefits of its transaction.

Spirit Airlines replied to the latest move by saying that it “will carefully review JetBlue’s tender offer to determine the course of action that it believes is in the best interests of Spirit and its stockholders.” Spirit intends to advise its stockholders of the Board’s formal position regarding the JetBlue tender offer within ten business days from Monday’s announcement.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

 Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card is the old king of travel rewards cards. Right now bonus_miles_full

Learn more about this card and its features!

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
DDG
DDGhttp://dannydealguru.com
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related

7,703FansLike
9,903FollowersFollow
16,444FollowersFollow

At Miles to Memories we share the best tips, tricks and deals plus travel rants, musings, hotel, airline and loyalty program reviews and a lot more! Our goal is to help people save money so they can get out there and travel the world! Through our various blog posts, podcasts & videos we teach others how to maximize loyalty rewards, hotel & airline programs and credit cards to achieve amazing things.

Disclaimer - Miles to Memories & the author are not credit providers and do not provide personal financial or professional advice or credit assistance. The information published on this site/page is of a general nature only and does not consider your personal objectives, financial situation or particular needs.

All information published here is personal opinion and comes from personal experience. The information published on this site/page should not be relied upon as a substitute for personal financial or professional advice. ESR Media, LLC, Miles to Memories and the author strongly recommend that you seek independent advice before you apply for any product or service, which is described on the site/page.

Editorial Note - Opinions expressed here are the author's alone, not those of any partner bank, credit card issuer, hotel, airline, or other partner. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.