(JetBlue) Shares of Spirit Airlines surged more than 17% in premarket on Monday on the news that JetBlue increased its offer price to $30 per share.
JetBlue said it was prepared to renegotiate, in good faith, for a consensus transaction at a higher $33, subject to further due diligence.
The company further said that it had filed a “Vote No” proxy statement calling Spirit shareholders to vote against the “inferior, high risk, and low value” deal by Frontier.
JetBlue said that its offer generates more value and a compelling premium to Spirit’s stakeholders. The company says Frontier’s offer is of less value and carries more risk at no divestiture commitments.
At a $30 offer price, Spirit will be valued at a 60% premium to the value of the Frontier transaction as of May 13.
SAVE: NYSE is up 17.08% on premarket
