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JetBlue’s Revised Spirit Offer Wins Backing From Investor TIG

By  |  June 28, 2022

JetBlue Airways continued its fight to acquire Spirit Airlines, raising its all-cash bid yet again in response to an increased offer by rival suitor Frontier in the days before a crucial shareholder vote.

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    The intensifying bidding war sent Spirit’s shares up 1.17 percent Tuesday.

    The newest JetBlue proposal, which won the backing of Spirit investor TIG Advisors Tuesday, includes an accelerated prepayment of $2.50 a share, structured as a cash dividend to shareholders after approval of the terms. That’s up from $1.50 a share in a prior offer. JetBlue said it also increased its breakup fee to $400 million from $350 million, to be paid if antitrust regulators block the combination.

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