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Monday, May 16, 2022

Spirit Airlines stock jumps after JetBlue launches tender offer at near 77% premium

Shares of Spirit Airlines Inc. SAVE, + 11.90% increased 17.5% in market share on Monday, after JetBlue Airways Corp. JBLU, -4.17% said it had offered a "fully funded" tender to buy all of Spirit's remaining $ 30 shares each, representing a 76.7% premium to Friday's closing price of $ 16.98.

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 The tender award comes after Spirit reiterated in early May in support of its merger agreement with Frontier Group Holdings Inc. ULCC, + 6.54% as it decided that JetBlue's $ 33-per-share bid in April was not the best promise. JetBlue also said on Monday it was urging Spiritist shareholders to vote against "low risk, high risk and low price" Spirit-Frontier consolidation.

JetBlue shares fell 0.6% in the market and Frontier shares rose 4.4%. "JetBlue offers more value - a significant amount of cash - more assurance, as well as additional benefits for all stakeholders," said JetBlue Chief Executive Robin Hayes. "Frontier offers a small amount, a lot of risk, no money laundering obligations, and there is no backlog of dividends, despite the overcrowding on non-stop routes and their regulatory challenges." For the year so far, Spirit shares have fallen 22.3% and JetBlue fell by 29.4%, while U.S. Global Jets ETF JETS, + 0.52% down 9.3% and S&P 500 SPX, -0.15% down 15.6%.
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