American low-cost airline JetBlue Airlines announced this Monday an acquisition offer on its rival Spirit Airlineswhich had preferred a merger with Frontier Airlines.
JetBlue, which is now proposing an all-cash purchase of Spirit stock at a price of $30 per share, also filed a document in which the group asks Spirit shareholders to vote “no” on the Frontier merger proposal. at a special meeting on June 10.
“JetBlue offers more value with a cash premium, more security and more benefits for all stakeholders,” JetBlue boss Robin Hayes wrote in a letter to Spirit shareholders.
“Frontier offers less value, more risk, no commitment on transfers and no breakage indemnity,” he added.
JetBlue said it was willing to return to its initial offer of $33 a share if Spirit agreed to return to the negotiating table.
Earlier this month, Spirit’s board of directors rejected an offer to buy JetBlue worth $3.6 billionclaiming that he was concerned that the operation would be blocked by the competition authorities.
JetBlue has a partnership with American Airlines, the Northeast Alliance, which could be an obstacle to the deal going through.
Spirit had preferred Frontier’s $2.9 billion proposal.
Spirit’s merger with Frontier would create the nation’s fifth-largest carrier in terms of seats offered, behind American, United, Delta and Southwest.
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