Spirit Airlines has confirmed JetBlue Airways’ unsolicited tender offer to acquire all outstanding shares of Spirit's common stock for $30 per share in cash and a proxy solicitation opposing Spirit's merger agreement with Frontier Group.
The Spirit Board of Directors has stated that it will “carefully review JetBlue's tender offer to determine the course of action that it believes is in the best interests of Spirit and its stockholders”, adding that “Spirit stockholders are urged to take no action with respect to the JetBlue tender offer at this time pending the Board's evaluation of the offer”.
Spirit intends to advise its stockholders of the Board's formal position within ten business days by making available to Spirit stockholders a solicitation/recommendation statement.
Barclays and Morgan Stanley are serving as financial advisors to Spirit, and Debevoise & Plimpton and Paul, Weiss, Rifkind, Wharton & Garrison are serving as legal advisors.