The Clap Frontier Airlines has asked Spirit Airlines to postpone its shareholders meeting yet again, to July 27, 2022. As we enter the final stretch of the fight for Spirit, let’s recap the entire saga.
Early February 2022 In early February 2022, Frontier made a cash-&-stock offer of $25.83/share for Spirit. The deal was immediately expected to face close regulatory scrutiny.
Early April 2022 In early April 2022, JetBlue made an all-cash offer of $33/share for Spirit. JetBlue also announced its confidence in the deal passing regulatory scrutiny.
May 2022 In early May 2022, Spirit rejected JetBlue’s offer, claiming it’s not likely to get through regulatory approval. Midway through May, JetBlue made a lower offer of $30/share, to which Spirit’s board urged its shareholders not to take.
June 2022 June 2022 is when the bidding war really took off. Frontier offered a $250 million break-up fee, then JetBlue raised its offer to $31.5/share. JetBlue then raised its offer again to $33.5/share, & Frontier responded by raising its cash component of the deal by $2/share.
Fast Forward to Now Spirit has already postponed its shareholders meeting multiple times, & could push it once more at Frontier’s request. The company is still advocating for the Frontier offer but has been having trouble convincing its shareholders.