New York-based JetBlue said it increased its cash offer to $33.50 per share, or more than $3.6 billion.
FILE - A Spirit Airlines aircraft approaches Philadelphia International Airport on Oct. 22, 2021. JetBlue is boosting its offer Monday, June 20, 2022, to buy Spirit Airlines, raising the stakes again in the bidding war over the nation’s biggest budget airline. JetBlue Airways on Monday increased its offer to buy Spirit Airlines, raising the stakes again in a battle over the nation's biggest budget airline.
That is an increase per share of $2 over a June 6 offer and 50 cents over JetBlue's original April bid.agreed to a merger in which Spirit shareholders would get cash and 48.5% of the combined company. That deal was originally valued around $2.9 billion but has lost value because of a decline in Frontier's stock price.
Spirit said it was reviewing JetBlue‘s latest offer. Denver-based Frontier declined to comment. Spirit said last week that its board would give shareholders an update before the June 30 vote. Spirit's board has opposed a deal with JetBlue, saying antitrust regulators would never allow it. JetBlue said Monday that it strengthened its commitment to divestitures needed to satisfy regulators but won't drop a controversial partnership with American Airlines in the northeast U.S.
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