Spirit and Frontier end merger bid, paving the way for a JetBlue deal
Spirit Airlines and Frontier Airlines agreed Wednesday to abandon their merger proposal, opening the way for JetBlue Airways to acquire Spirit after a months-long bidding war for the budget carrier.
“Rather than overpay for Spirit, the board prioritized the interests of Frontier, our employees and our shareholders,” Biffle said on a call to discuss second-quarter earnings. Some analysts said that the small size of Frontier and Spirit would have earned them a pass from antitrust regulators in previous administrations, but not any more. Still, a JetBlue deal does appear more problematic, in part because the Justice Department is already suing to break up a regional partnership in the Northeast between JetBlue and American Airlines.
Frontier and Spirit announced their deal on Feb. 7, saying they would create a huge discount airline that would save consumers $1 billion a year in airfares by creating a powerful new competitor to American, United, Delta and Southwest. JetBlue saw acquiring Spirit as the best way to quickly add planes and pilots and break out of the second tier of U.S. airlines.
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Spirit Airlines shareholders to vote on much-delayed merger with Frontier or JetBlueSpirit Airlines shareholders could pick a preferred buyer for their airline today, when they are scheduled to vote on one of the offers for the budget carrier. If shareholders reject the Frontier bid it would push for an agreement with JetBlue Airways.
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Spirit, Frontier abandon merger bid, paving way for JetBlue dealThe Frontier offer was worth more than $2.6 billion in cash and stock, far short of JetBlue's all-cash bid of $3.7 billion.
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Spirit, Frontier end merger bid, paving way for JetBlue dealSpirit Airlines and Frontier Airlines agreed Wednesday to abandon their merger proposal, opening the way for JetBlue Airways to acquire Spirit.
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Spirit and Frontier end merger agreement, talks continue with JetBlueFrontier is no longer in talks with Spirit after months of negotiations to try and merge, which now puts the focus squarely on JetBlue Airways and a possible acquisition by Spirit.
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Spirit terminates merger with Frontier AirlinesThe bidding war for Spirit started at the beginning of the year after Frontier Group Holdings announced a definitive merger agreement with the carrier.
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