April 13, 2022 | Industrials | North America | Ended

Spirit Airlines / Frontier Group Holdings: Deal Insights

On 7-Feb-22, rival discount carriers Spirit and Frontier agreed to a cash and stock merger whereby Spirit shareholders would receive $2.13 in cash plus 1.9126 Frontier shares for each Spirit share held. At announcement, the terms implied an offer price of $25.83 and a one-day premium of 19%; the deal value currently sits at $23.11 per Spirit share (Frontier shares have declined 11.5% since its M&A announcement). On 5-Apr-22, JetBlue Airways (JBLU US) jumped into the fray with an unsolicited all-cash competing proposal at $33.00 per Spirit share, representing a 43% premium to the current value of Frontier’s cash and stock offer and...

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