JetBlue cancels bid for Spirit Airlines and commits to sale of assets

JetBlue Increases Offer to $33.50 in Cash per Spirit Share from Previously $31.50 per Share; A JetBlue Airways plane takes off from Fort Lauderdale, Florida last May.


Photo:

Joe Raedle/Getty Images

JetBlue Airways corp

JBLU 5.30%

continues its quest to purchase Spirit Airlines inc,

SAVE UP 2.11%

to expand its offering and strengthen its commitment to divest assets in order to obtain regulatory approval for the transaction.

JetBlue JBLU 5.30%

on Monday raised the offer to $33.50 in cash per Spirit share. It had previously offered $31.50 per share.

Spirit is considering whether to go ahead with a proposed acquisition by Frontier Group Holdings inc

ULCC 5.78%

or to accept JetBlue’s offer. The low-cost airline was scheduled to hold a shareholder vote on the frontier deal earlier this month, but postponed it to negotiate with its two suitors.

JetBlue’s move is the latest development at a public hearing. Both JetBlue and Frontier consider Spirit important to their ability to grow and compete against the larger airlines that dominate the industry. Both deals would create the fifth largest US airline.

(There’s more to come)

write to Alison Sider at alison.sider@wsj.com

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https://www.wsj.com/articles/jetblue-lifts-offer-for-spirit-airlines-commits-to-selling-assets-11655760406?mod=rss_markets_main JetBlue cancels bid for Spirit Airlines and commits to sale of assets

Luke Plunkett

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