Spirit Airlines, JetBlue lock horns over takeover -Breaking
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(Reuters) – The battle to snap up Spirit Airways (NYSE:) is heating up. Frontier Group Holdings Inc has agreed to pay a break-up charge of $250 million in a bid to salvage its $2.9 billion acquisition of Spirit Airways.
JetBlue Airways (NASDAQ:) Corp, which is locked in a takeover battle for Spirit with Frontier Group, has argued {that a} deal would assist the businesses higher compete with the “Massive 4” U.S. airways that management almost 80% of the passenger market within the nation.
Beneath are the important thing occasions within the takeover saga:
Date Growth
Feb. 7 Frontier makes a cash-and-stock provide of $25.83/share for Spirit
Airways
Feb. 8 Attorneys from the U.S. Justice Division say Spirit and Frontier’s
merger to create the fifth-largest airline within the nation would
face shut scrutiny
March 10 A number of public advocacy teams name on U.S. regulators to dam
Frontier’s bid for Spirit
April 5 JetBlue makes an unsolicited $3.6 billion, or $33/share, all-cash
bid for Spirit
April 6 JetBlue mounts a vigorous protection of its unsolicited $3.6 billion
bid for Spirit, including that it’s “extremely assured” of securing
regulatory approval
April 7 Spirit says that it might enter into discussions with JetBlue on
its $3.6-billion provide because it might possible result in a “superior
proposal” to the one from Frontier
Could 2 Spirit rejects JetBlue’s $33/share provide, saying it had a low
probability of successful regulatory approval
Could 10 Head of Solar Nation Airways throws his backing behind potential
merger within the ultra-low-cost airline sector
Could 11 Spirit says it would maintain a shareholder assembly on June 10 for a
vote on its proposed merger with Frontier
Could 16 JetBlue makes hostile all-cash takeover provide of $30/share and provides
it was able to “negotiate in good religion a consensual transaction
at $33″
Could 19 Spirit Airways urges shareholders to reject the hostile provide from
JetBlue, saying it was “a cynical try and disrupt” its merger
with Frontier
Could 31 Proxy advisory agency ISS has urged Spirit shareholders to vote
towards a proposed merger with Frontier
June 2 Frontier agrees to pay a break-up charge of $250 million in a bid to
salvage its $2.9 billion acquisition of Spirit Airways
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