Spirit Airlines, Inc. today, June 14, 2022, issued the following update regarding its ongoing discussions with Frontier Group Holdings, Inc., parent company of Frontier Airlines, Inc., and JetBlue Airways Corporation:
Ted Christie, President and CEO of Spirit, said, “Consistent with its fiduciary duties, Spirit’s Board of Directors is engaging in discussions with JetBlue with respect to the proposal received on June 6, 2022 and is also continuing to work with Frontier under the terms of the existing merger agreement between Spirit and Frontier. As part of this process, Frontier and JetBlue are being given access to the same due diligence information, on the same terms. The Board expects to bring the process to a conclusion and provide an update to stockholders ahead of the Special Meeting of Spirit Stockholders scheduled for Thursday, June 30, 2022.”
Spirit continues to be bound by the terms of its merger agreement with Frontier, under which a “Superior Proposal” is defined as being both reasonably capable of being consummated and more favorable to Spirit’s stockholders from a financial point of view. Also, Spirit is providing information requested by the US Department of Justice and Federal Trade Commission for both proposed transactions as part of the ongoing regulatory review process.
Barclays and Morgan Stanley & Co. LLC are serving as financial advisors to Spirit, and Debevoise & Plimpton LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal advisors.