Spirit and Frontier Airlines throw out merger agreement
by Emma Roth from The Verge - All Posts on (#61WED)
Spirit has continually rejected JetBlue's offer. Spirit and Frontier Airlines have tossed out their proposed merger agreement, leaving room for Spirit's other suitor, JetBlue, to swoop in and score a deal, as first reported by CNBC. Shareholders were expected to reject the deal during a vote today, possibly because of JetBlue's higher offer, according to The Washington Post.
Frontier and Spirit first announced the proposed merger in February, a move that would've combined the two budget airlines to create the fifth largest in the US. But not everything went as planned - JetBlue countered Frontier's initial $2.9 billion offer with an attractive all-cash $3.6 billion bid that Spirit later rejected. In May, JetBlue launched a hostile takeover of Spirit Airlines and kept attempting to s...