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Future of Spirit Airlines Remains Uncertain; Board Favors Frontier Offer
The board of directors for Spirit recently reiterated its recommendation that stockholders vote in favor of the merger with Frontier over JetBlue. Back in February, it was announced that the low-cost airlines Frontier and Spirit were merging. The combined airlines would offer 1,000-plus daily flights to over 145 destinations in 19 countries. The airlins would also expand with more than 350 aircraft on order and eventually combining frequent flyer and membership offerings. The deal was expected to close in the second half of 2022.
In April, JetBlue submitted a proposal to the Spirit board of directors that reportedly represented a premium of 52 percent to Spirit’s undisturbed share price on February 4 (Frontier’s bid), and a premium of 50 percent to Spirit’s closing share price on April 4 (JetBlue’s bid).