JetBlue Airways Corp JBLU.O said on Thursday 30 June that it was extending the expiration date of its cash tender offer for Spirit Airlines Inc SAVE.N to 29 July 29 from 30 June, after sweetening its bid for the ultra-low-cost carrier earlier this week.
Details
In the latest offer on 27 June, JetBlue included a ticking fee of 10 cents per Spirit share, raising the deal value to $34.15 per share.
Spirit Airlines on Wednesday 29 June deferred a shareholder vote on Frontier Group Holdings Inc's ULCC.O merger offer for the budget carrier until next week.
Frontier also raised its bid for Spirit last week.
Opportunity To Expand Domestic Footprints
Both bidders see Spirit as an opportunity to expand their domestic footprints at a time when the US airline industry is dogged by labour and aircraft shortages. Either of the deals would create the fifth-largest US airline.
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