The bickering between JetBlue Airways and Spirit Airlines is escalating, with both airlines appealing directly to Spirit’s shareholders.
he bickering between JetBlue Airways and Spirit Airlines is escalating, with both airlines appealing directly to Spirit’s shareholders today in a war of words that sounds more like a divorce than a possible marriage.after the ultra-low-cost airline’s board of directors made it clear that they prefer a less lucrative offer from fellow budget carrier Frontier Airlines of $21.66 in cash and stock for each share of the discount carrier.
JetBlue responded with its own statement. “The Spirit Board, driven by serious conflicts of interest, continues to ignore the best interests of its shareholders by distorting the facts to distract from their flawed process and protect their inferior deal with Frontier.”
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Spirit calls on shareholders to reject JetBlue tender offer
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Breakingviews - Spirit shareholders can push for more legroomThere’s a dogfight brewing in the U.S. budget airline industry. Ultra-budget carrier Spirit Airlines wants its shareholders to reject a hostile offer from rival JetBlue Airways , in favor of its current agreement to merge with cheap-tier peer Frontier. They might want to hang tight, though. True, JetBlue’s $3.3 billion offer, which at $30 a share looks about 40% higher than Frontier’s, comes with antitrust risk that makes it probably less valuable than it looks. But that doesn’t mean Spirit investors can’t still squeeze a bit more out of Frontier.
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Spirit shareholders can push for more legroomThe budget airline wants shareholders to reject a $3.3 bln hostile offer from JetBlue, and stick by a merger with rival Frontier. But Spirit investors would be losing out on a potential bidding war. Frontier can probably pay more, and sitting tight could nudge it into doing so.
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Spirit calls on shareholders to reject JetBlue tender offer
Baca lebih lajut »
Spirit shareholders can push for more legroomThe budget airline wants shareholders to reject a $3.3 bln hostile offer from JetBlue, and stick by a merger with rival Frontier. But Spirit investors would be losing out on a potential bidding war. Frontier can probably pay more, and sitting tight could nudge it into doing so.
Baca lebih lajut »
Breakingviews - Spirit shareholders can push for more legroomThere’s a dogfight brewing in the U.S. budget airline industry. Ultra-budget carrier Spirit Airlines wants its shareholders to reject a hostile offer from rival JetBlue Airways , in favor of its current agreement to merge with cheap-tier peer Frontier. They might want to hang tight, though. True, JetBlue’s $3.3 billion offer, which at $30 a share looks about 40% higher than Frontier’s, comes with antitrust risk that makes it probably less valuable than it looks. But that doesn’t mean Spirit investors can’t still squeeze a bit more out of Frontier.
Baca lebih lajut »