Frontier Group’s latest offer to Spirit Airlines prompted the institutional shareholder services (ISS) advisory firm to reverse its opinion on a deal.
ISS urges now Spirit Airlines shareholders To vote on the proposed merger with the parent company Frontier.
This is a change from last month when the consulting firm asked Spirit shareholders to reject Frontier’s offer, Saying the rival offer to JetBlue $30 per share is better financially.
Get your FOX business on the go by clicking here
Since early April, Spirit has been the subject of a bidding war between Frontier and JetBlue Airways Corp.
Spiritual Airways Race: JetBlue, the front rider to win
in equilibrium, Integration support The agency consulting firm said in a report published late Friday that it is with Frontier on the revised terms justified.
Spirit Airlines said Friday that Frontier has improved its offer, raising its cash offer by $2 per share and urging its shareholders to support a merger deal with Frontier at next week’s meeting.
JetBlue sweetened its offer to Spirit by $2 to $33.50 per share in cash, earlier this month.
Spirit’s shareholder vote on the merger with Frontier is set for June 30.
|ribbon||protection||else||they change||they change %|
|save||Spiritual Airlines Company||24.54||+0.71||+ 2.98%|
|ULCC||Front group holding||10.54||+0.65||+ 6.57%|
ISS said Frontier’s current offer matches the $2.00 increase in JetBlue’s bid price and also provides a higher upfront payment of $2.22 per share, compared to $1.50 per share of JetBlue.
JETBLUE offers to buy spiritual airlines for about $3.6 billion in cash
Frontier also increased Spirit’s reverse termination fee by $100 million to $350 million.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Spirit has repeatedly rejected JetBlue’s bid over concerns about getting approval from US regulators.
Reuters contributed to this report.
“Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver.”
Wendy’s sued after a woman was hospitalized for eating a burger
Indicators jump on inflation data. Nasdaq posted its best quarter since 2020
General Motors is cutting off access to Apple CarPlay and Android Auto for its future electric cars