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Reading: Spirit Airways rejects one other Frontier Airways acquisition value $2.16B
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The Wall Street Publication > Blog > Markets > Spirit Airways rejects one other Frontier Airways acquisition value $2.16B
Markets

Spirit Airways rejects one other Frontier Airways acquisition value $2.16B

Editorial Board Published February 12, 2025
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Spirit Airways rejects one other Frontier Airways acquisition value .16B
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The Factors Man founder Brian Kelly discusses how Spirit Airways’ chapter may influence journey.

Spirit Airways rejected an acquisition supply value about $2.16 billion from Frontier Group.Spirit and Frontier have been in merger talks since a minimum of 2022, even earlier than Spirit filed for chapter in 2024.Spirit Airways filed for chapter attributable to extended durations of economic losses and a considerable debt load.

Spirit Airways on Tuesday rejected Frontier Group’s acquisition supply, value about $2.16 billion, saying the bid from its fellow ultra-low-cost provider was much less useful to shareholders than its ongoing reorganization plan.

Frontier’s supply was a reiteration of its proposal from earlier this month by which it proposed Spirit’s shareholders would get $400 million in debt and a 19% stake in Frontier.

Nonetheless, it dropped a requirement that Spirit full a $350 million fairness rights providing and use the proceeds to retire its debtor-in-possession facility. It additionally requires the chapter court-approved $35 million termination payment be waived.

SPIRIT AIRLINES NO LONGER ALLOWING PASSENGERS WITH INAPPROPRIATE CLOTHING OR TATTOOS TO FLY

Spirit, which filed for chapter safety final 12 months and expects to finish its restructuring within the first quarter, mentioned the revised proposal didn’t handle sure materials dangers and points it had beforehand recognized.

Spirit Airways rejected Frontier Group’s newest acquisition supply, value about $2.16 billion, on Feb. 12, 2025.  (Reuters/Mike Blake/File Picture / Reuters)

As a substitute, the Florida-based airline provided a counterproposal by which Spirit shareholders would get $600 million in debt and $1.185 billion in fairness — which Frontier rejected.

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The 2 firms had been in merger talks since a minimum of 2022, even earlier than Spirit filed for chapter attributable to extended durations of economic losses and a considerable debt load.

Nonetheless, JetBlue Airways jumped into the fray and prevailed. However that deal was scrapped after a U.S. choose blocked it on anti-competition issues.

Frontier revived its takeover efforts earlier this 12 months, however Spirit had mentioned the primary supply was inferior to the one the 2 firms had mentioned final 12 months and sought an assurance that the deal would shut and Frontier wouldn’t stroll away.

TAGGED:2.16BacquisitionAirlinesFrontierrejectsSpiritWorth
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