247 Local Media247 Local Media

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Few Common Issues That Occur While Transporting a Car

    February 3, 2023

    An Overview of Online Casinos vs Traditional Casinos

    December 8, 2022

    Types of Specialists for Erectile Dysfunction

    October 31, 2022
    Facebook Twitter Instagram
    • Home
    Facebook Twitter Instagram
    247 Local Media247 Local Media
    Subscribe
    • Home
    • Automotive
    • Business
    • CBD
    • Crypto
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Health
    • Home Improvement
    • Law \ Legal
    • News
    • Shopping
    • Sports
    • Technology
    • Travel
    • Contact US
    247 Local Media247 Local Media
    Home»Business»JetBlue wins takeover bid for Spirit in $3.8 billion buyout
    Business

    JetBlue wins takeover bid for Spirit in $3.8 billion buyout

    By July 28, 2022No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    JetBlue wins takeover bid for Spirit in .8 billion buyout
    Share
    Facebook Twitter LinkedIn Pinterest Email
    JetBlue wins takeover bid for Spirit in .8 billion buyout

    [ad_1]

    JetBlue Airways reached an agreement to buy Spirit Airlines to create the fifth largest carrier in the country as the deal was consummated after a planned merger between Spirit and Frontier Airlines fell through.

    The Queens-based JetBlue has agreed to pay $33.50 a share in cash for Spirit as part of a $3.8 billion deal.

    The deal is still pending approval by regulators.

    Shares of JetBlue were up by more than 1% in premarket trading on Thursday morning while Spirit’s stock soared by more than 4%.

    Frontier, which will now be the largest discount airline in the country, saw its share price rise by some 1.5% in premarket trading.

    The $33.50 per share offer price is a premium of almost 38% of the most recent closing price of Spirit stock.

    The deal includes a so-called “ticking fee,” which is a small monthly payment to Spirit shareholders beginning in January. The payments will continue until the deal is officially completed.

    The deal was made possible after a merger between Spirit and Frontier was cancelled.
    The deal was made possible after a merger between Spirit and Frontier was cancelled.
    Getty Images

    JetBlue and Frontier were locked in a bidding war to create a merged airline that would compete with larger, legacy carriers as the industry faces severe labor shortages, higher energy costs, and surging demand.

    In February, Spirit agreed to a $2.9 billion buyout offer from Frontier. Two months later, however, JetBlue launched its own takeover bid of Spirit.

    While JetBlue made the higher offer, Spirit preferred to merge with Frontier in order to avoid potential antitrust issues.

    But Spirit shareholders would not sign off on the Frontier deal, forcing the merger’s cancellation.

    [ad_2]

    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Few Common Issues That Occur While Transporting a Car

    February 3, 2023

    Beyond Meat, Impossible struggle due to ‘woke’ perception: analysts

    September 26, 2022

    Developer hustles to build ‘Bustle’ in Penn Station area

    September 26, 2022
    Add A Comment

    Comments are closed.

    Editors Picks
    Recent Posts
    • Few Common Issues That Occur While Transporting a Car
    • An Overview of Online Casinos vs Traditional Casinos
    • Types of Specialists for Erectile Dysfunction
    • When students’ basic needs are met by community schools, learning can flourish
    • Walmart and Target Are Hiring 140,000 Seasonal Workers
    Archives
    • February 2023
    • December 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • September 2021
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    © 2022 - 247 Local Media- All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.