/JetBlue Raises Offer to Buy Spirit Airline Amid Bidding War
Tomás Del Coro from Las Vegas, Nevada, USA, CC BY-SA 2.0, via Wikimedia Commons

JetBlue Raises Offer to Buy Spirit Airline Amid Bidding War

JetBlue Airways is sweetening its bid with an extra $150 million to win control of Spirit Airlines in hopes that shareholders will reject a merger with rival Frontier Airlines.

JetBlue’s enhanced bid includes a reverse breakup fee of $350 million in the event that a merger between the two carriers fails to win regulatory approval, the company announced Monday in an effort to dissuade Spirit stakeholders from voting to merge with Frontier on Friday.

“Combining JetBlue and Spirit would create a true national competitor to the dominant legacy carriers, delivering low fares and a great experience for more customers, more opportunities and good paying jobs for crew members, and more value for stockholders,” JetBlue CEO Robin Hayes said in a release. “We believe our Improved Proposal remains a Superior Proposal by any measure.”

Frontier also upped the stakes of its own bid, offering a revised proposal last week that would provide $250 million in the event the merger wasn’t approved by regulators, according to the Washington Post.

Keep reading at The Washington Examiner.