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JetBlue Makes Hostile Takeover for Spirit Airlines

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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 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.

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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.

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