JetBlue Jumps In With premium Offer For Spirit

[SWAMECH]

I tend to lean with this guy who is a shareholder in JB. Especially with the NEA and all these other distractions, not to mention the Fed suit against the NEA. I will throw my guess out there and say BOD will still seek Frontier over JetBlue, however, could Spirit go with JB and when it fails and they get paid the 350 million breakup fee and then turn and use those $$$ to still go ahead and merger with Frontier. Now that would be ideal to have JB fund a good bit of the cost of the Frontier/Spirit merger Now that would be hilarious...

JetBlue May Be Biting Off More Than It Can Chew

JetBlue is expanding into Europe while also aggressively pursuing an acquisition of Spirit Airlines, despite struggling to operate its core business reliably.

finance.yahoo.com

 

[SWAMECH]

And there you have it, Frontier finally makes the move that should put the final nails in the coffin on JetBlue's offer. Been waiting to hear this/something from Frontier. Spirit BOD is confirming they will fully support the Frontier offer. They will vote this coming Thursday in special meeting. Does JB get desperate and throw a ridiculous overpriced offer at them? I doubt it...

Spirit Airlines Announces Amended Merger Agreement with Frontier, Including Increased Per-Share Cash Consideration and $350 Million Reverse Termination Fee

MIRAMAR, Fla., June 24, 2022--Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today announced the signing of a second amendment (the "Amended Agreement") to its previously announced merger agreement with Frontier Group Holdings, Inc. ("Frontier") (NASDAQ: ULCC), parent company of...

finance.yahoo.com

 

[SWAMECH]

More drama in the final days leading up to the shareholders vote as JetBlue sends out a newly revised (do I say 4th offer) offer increasing cash and upfront payments as well as the break up fee increased by 50 million to 400 million...

JetBlue refuses to give up its quest for Spirit Airlines

JetBlue Airways Corp on Monday ratcheted up its bidding war with Frontier Group Holdings for Spirit Airlines Inc as the race for the ultra-low-cost carrier enters the final stretch. Under the new offer, JetBlue offered a "ticking fee," which would give Spirit shareholders a monthly prepayment...

www.yahoo.com

JetBlue Welcomes Support for Superior Offer to Acquire Spirit

NEW YORK, June 28, 2022--JetBlue Welcomes Support for Superior Offer to Acquire Spirit

finance.yahoo.com

 

[SWAMECH]

Time for JetBlue to take advantage of more time. Very apparent that the Spirit BOD did not see this vote going Spirit's way...

Spirit Again Delays Vote on Frontier Merger, Eyes More Talks

(Bloomberg) -- Spirit Airlines Inc. delayed a shareholder vote on its proposed merger with Frontier Group Holdings Inc. less than 24 hours before it was scheduled, saying management needs more time for talks with its favored partner and rival suitor JetBlue Airways Corp.Most Read from...

finance.yahoo.com

But all so confident yesterday morning in this interview:

Spirit Airlines CEO: JetBlue posturing ‘a little childish’ ahead of Frontier deal

Spirit Airlines CEO Ted Christie joins Yahoo Finance Live to discuss the bidding war between JetBlue and Frontier over acquisition of the airline, inflation, and the outlook for shareholders ahead of tomorrow’s announcement.

www.yahoo.com

 

[SWAMECH]

Well, Well JetBlue, looks like the shareholders may have been leaning towards a JetBlue/Spirit tie up as the BOD of Spirit did not see enough support for a vote from shareholders to support the more desired Frontier/Spirit tie up. So, with all that, they once again postpone the shareholders vote for the 3rd time because they saw it was not going in Spirit's favor. What will be interesting is what type of padding we might see from both sides wanting to purchase Spirit. Now, will Frontier match or beat the JB last offer AND will JetBlue also pad their offer a tad bit to keep it out on top as far as value or return to the investors sooner rather than later, we shall see maybe, 7-15-22 OR will it get postponed yet again if Spirit sees it not going their way again, the drama continues...

Spirit postpones Frontier deal vote, to continue talks with Frontier and JetBlue

Spirit Airlines Inc said it has postponed a shareholder vote scheduled for Friday on its $2.4 billion sale to Frontier Group Holdings Inc so its board can continue discussions with both Frontier and JetBlue Airways. Over the past few months, JetBlue and Frontier, led by influential airline...

www.yahoo.com

I will add at least all these postponements will allow a Spirit election vote for the Mechanics to get unionized prior to merger as well as even give JB Mechanics time to finalize their cards for an AMFA election as well...

 

[eolesen]

What's Spirit's cancellation policy for changing board meeting dates? Are they charging shareholders for seats near the front?

 

[SWAMECH]

What's Spirit's cancellation policy for changing board meeting dates? Are they charging shareholders for seats near the front?

It's apparent that the policy is to keep canceling the shareholders meetings until they get enough support for a Frontier/Spirit combo. If I were a shareholder I would file a suit for misrepresentation and not looking out for best interest of the shareholders as the Spirit BOD keeps postponing the dates because they don't have enough support for "what the Spirit BOD wants" NOT what the shareholders of Spirit want. Just saying...

 

[SWAMECH]

Such strong words from Frontier saying "last, best and final offer" with no changes and shareholders still leaning towards JetBlue/Spirit merger (purchase). All JB would have to do is show and prove the up front benefits of $$$ over the Frontier wait to see benefits later offer of $$$, it may come to bite them at the final vote whenever that may be. JB could simply reshuffle their offer a little to push more $$ up front just to keep their offer in favor of the shareholders. Interesting...

Frontier says Spirit bid is 'last, best and final offer,' asks Spirit to again delay shareholder meeting

Frontier Group Holdings Inc. said Monday its offer for Spirit Airlines Inc. is its "last, best and final offer," and said it will not be making any further modifications to the financial terms. In a letter to Spirit management, Frontier CEO Barry Biffle said he continues to believe that the...

www.yahoo.com

 

[SWAMECH]

JetBlue is starting to win more and more majority shareholders support, now with 3 of the biggest telling Spirit BOD to pull out of Frontier deal and go with JetBlue's offer...

Spirit shareholder Discovery Capital urges board to abandon Frontier deal

Discovery became the second major Spirit shareholder to publicly back a merger with JetBlue, which is vying with Frontier to expand in the United States and create the country's fifth-largest airline. Last month, Spirit shareholder TIG Advisors LLC also informed the carrier's board of directors...

finance.yahoo.com

 

[SWAMECH]

As Frontier and Spirit work against JetBlue together, maybe it's time for JetBlue to throw out a hat trick. Come up with a deal where JetBlue and Frontier both purchase Spirit and do a triple combo. The DOJ is going to seek concessions anyway you look at it, why not go big and get more out of it in the long run? Just thinking out loud here.
IMO a Spirit/JetBlue tie up will have more expensive ticket prices than a Spirit/Frontier tie up. And that would leave Frontier as a ULCC still. Where I think a JB/Spirit combo will move into LCC territory and no longer ULCC as Spirit is currently. This is why Frontier and Spirit are working so hard together to tie up so they could try and remain an ULCC, just not sure after all cost retrofitting aircraft if they will remain a ULCC though.

One more further delay in shareholders vote coming. 7-27-22 is the new date now it appears...

UPDATE 3-Spirit Airlines to delay vote on Frontier deal for fourth time

Takeover target Spirit Airlines Inc plans to delay a shareholder vote on its sale to Frontier Group Holdings Inc for the fourth time, as both carriers struggle to gather enough support for the deal. The ultra-low-cost carrier has been at the center of a heated takeover battle between Frontier...

finance.yahoo.com

 

[SWAMECH]

JetBlue now getting support from a 4th entity recommending a vote against the Frontier/Spirit combo and saying the JB/Spirit combo is more favorable...

ISS recommends Spirit shareholders vote against Frontier offer

Spirit had said on Wednesday it plans to delay a shareholder vote on its sale to Frontier Group for a fourth time amid a struggle to gather enough support for a deal that could create the fifth-largest U.S. airline. ISS reiterated its stance and said the sweetened offer from JetBlue Airways...

www.yahoo.com

 

[KCFlyer]

Jetblue only recently started serving MCI and I have never flown them. But it's my understanding that they are kind of a "premium" low cost airline. So would Spirit abandon the "pay for everything" business plan, or would JetBlue become more of an ala carte airline? IT seems that customers expect a similar experience on Spirit and Frontier, but I always thought JetBlue was more "upscale"/

 

[SWAMECH]

Jetblue only recently started serving MCI and I have never flown them. But it's my understanding that they are kind of a "premium" low cost airline. So would Spirit abandon the "pay for everything" business plan, or would JetBlue become more of an ala carte airline? IT seems that customers expect a similar experience on Spirit and Frontier, but I always thought JetBlue was more "upscale"/

Agree with you. I have read that if JetBlue wins purchase rights, they will convert all aircraft over to the JB format which also tells me they will go full blown the JB format as you stated a "premium" or up scaled type of airline. They are not quite in the LCC mold, more so of a lower cost option against AA, UAL and Delta. I don't see JB going the Spirit/Frontier ULCC format. We would see that type of format with the Spirit/Frontier combo but not with JB IMO. And this is more than likely why the JB/Spirit hookup will get the most restrictions brought upon them from the DOJ for them to become merged, again IMO.

 

[eolesen]

Agree with you. I have read that if JetBlue wins purchase rights, they will convert all aircraft over to the JB format which also tells me they will go full blown the JB format as you stated a "premium" or up scaled type of airline. They are not quite in the LCC mold, more so of a lower cost option against AA, UAL and Delta. I don't see JB going the Spirit/Frontier ULCC format. We would see that type of format with the Spirit/Frontier combo but not with JB IMO. And this is more than likely why the JB/Spirit hookup will get the most restrictions brought upon them from the DOJ for them to become merged, again IMO.

Jetblue will erase the Spirit brand and expectations akin to a city bus or dirty taxi and replace it with the hip and upscale... At least that's the plan.

It's the reverse of what happened when Alaska bought Virgin America... The cool product was eliminated.

 

[WeAAsles]

Jetblue will erase the Spirit brand and expectations akin to a city bus or dirty taxi and replace it with the hip and upscale... At least that's the plan.

It's the reverse of what happened when Alaska bought Virgin America... The cool product was eliminated.

I guess we’re all playing armchair quarterbacks on this one. I’m personally wondering how this will affect us with AA at FLL? JetBlue and Spirit take up about half the airport.

ISS urges Spirit shareholders to vote against Frontier merger, calls JetBlue bid superior

Proxy advisory firm ISS has changed its opinion on the Spirit-Frontier deal again.

www.cnbc.com