JetBlue Says Ready To Enter Into Binding Agreement With Spirit As Soon As Practicable

(RTTNews) - Responding to Spirit Airlines Inc.'s (SAVE) adjournment of special meeting, JetBlue Airways Corp. (JBLU) said Wednesday that it is now standing ready to enter into a binding merger agreement with Spirit as soon as practicable and at the latest, immediately following Spirit shareholders voting against the Frontier transaction on July 27, 2022.

JetBlue said it remains encouraged by the significant progress made in its ongoing discussions with Spirit. Additionally, Frontier has now confirmed that it does not intend to make any further changes to the terms of its latest proposal and that Spirit shareholders should consider it to be Frontier's last, best and final offer, and itself has acknowledged that Spirit remains "very far" from receiving approval for that transaction.

JetBlue noted that its latest proposal is clearly superior in every respect, by moving the Special Meeting again, the Spirit Board is delaying the ability of Spirit shareholders to receive JetBlue's superior terms.