JetBlue Says Spirit Recognizes Compelling Value For All Stakeholders That JetBlue Offered

(RTTNews) - JetBlue (JBLU) said it welcomed the determination by Spirit (SAVE) that JetBlue's offer to acquire Spirit could reasonably be likely to lead to a "Superior Proposal" under the terms of its current merger agreement with Frontier.

As per the terms of JetBlue's offer, Spirit shareholders would acquire Spirit for $33 per share in cash, implying a fully diluted equity value of $3.6 billion and providing full and certain value to Spirit shareholders.

The proposal represents a premium of 52% to Spirit's undisturbed share price on February 4, 2022, and a premium of 50% to Spirit's closing share price on April 4, 2022.