Jetblue increases Spirit Airlines offer to $ 33.50 / share (NASDAQ: JBLU)

Angel Di Bilio / Editing iStock via Getty Images

Update at 7:30 p.m.: Adds a comment to Spirit Airlines.

Jetblue (NASDAQ:JBLU(increase) offer for Spirit AirlinesNYSE:SAVE) to $ 33.50 / share while continuing to fight Frontier Group (NASDAQ:ULCC) for the ultra low cost carrier.

Jetblue rose his last offer with $ 2 / share from his last offer two weeks ago. In the latest offer, Spirit shareholders will receive a total remuneration of $ 33.50 per share in cash, consisting of $ 32.00 per share in cash at the close of the transaction and a prepayment of $ 1.50 per share in cash, according to statement.

on Jetblue (JBLU) the last and fourth offer for Spirit Airlines comes after Spirit Airlines (SAVE) the holder voted in favor of its planned sale to Frontier it was delayed until next Thursday, June 10, after JetBlue introduced updated offer two weeks ago.

Spirit Airlines (SAVE) acknowledges receipt of revised JetblueJBLU) proposal and said it would provide an update to the holders before the holder’s vote on 30 June, according to statement.

Last Tuesday, Spirit (SAVE) the leadership remained firm in its preference for connection with Frontier Air (ULCC), considering it an excellent proposal based on perceived probability of regulatory approval.

JetBlue’s offer on Monday included a “significant improvement” from its previous offers through a commitment to sell JetBlue and Spirit assets to a significant adverse effect on the combined JetBlue-Spirit.

JetBlue (JBLU) said that his latest offer was a 67.6% premium to the estimated value of FrontierULCC) deal with the spiritSAVE) from Friday.

“After discussions with the Spirit team last week and further review of due diligence, we are more convinced than ever that the JetBlue-Spirit deal will create a true national competitor to the Big Four and provide value to all our stakeholders.” Jetblue CEO Robin Hayes said in a statement.

See earlier this month, Spirit Airlines is a top trading idea at JPMorgan because a the merger seems to be the beginning.

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