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JetBlue makes yet another offer for Spirit — but this time is different

June 20, 2022
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3 min read
JetBlue Spirit Fort Lauderdale Airport
JetBlue makes yet another offer for Spirit — but this time is different
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Will the fourth time be the charm for JetBlue?

The New York-based airline on Monday made its fourth offer since March to acquire Spirit Airlines — and this time, Spirit had provided JetBlue with due diligence.

Spirit signed a merger agreement with Frontier Airlines in February — an agreement that has been the preference of Spirit's management team and board — but one that is worth considerably less than each of JetBlue's four offers. In its latest offer, JetBlue offers $33.50 per share for Spirit, or about $3.7 billion total — about 68% more than the value of Frontier's merger. So far, Spirit has contended that JetBlue's offer was not better because it didn't believe it would win approval from regulators.

Earlier this month, Spirit shareholders were to vote on the Frontier merger deal — a vote that was postponed to June 30.

Then, last week, Spirit announced it was providing JetBlue with the same due diligence that Frontier was receiving. That lack of due diligence — sensitive information about Spirit — had long been JetBlue's top complaint about Spirit. JetBlue's CEO, Robin Hayes, accused the Spirit team of essentially walking away from them, and not providing enough information. Now, the field was level between Frontier and JetBlue — at least in this regard.

“After discussions with the Spirit team last week and further due diligence review, we are more convinced than ever that a JetBlue-Spirit transaction would create a true national competitor to the Big Four and deliver value to all of our stakeholders,” Hayes said in a statement on Monday. “Together, we will deliver lower fares and a better experience to more customers."

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Hayes touted an "extremely positive reaction from Spirit stockholders" for its offer to acquire Spirit.

In a statement, Spirit said its board was reviewing JetBlue's new offer.

More: JetBlue vs Frontier: Who will win the battle over Spirit and why does it matter?

In addition to upping the sale price, JetBlue's new offer on Monday includes a commitment to divest more assets of JetBlue and Spirit to satisfy regulators. These assets could include items of great value to the combined company such as gates and slots at congested northeast airports. Previously, JetBlue committed to divest Spirit assets in New York and Boston — JetBlue's two largest markets.

In fact, it remains unclear if regulators will be satisfied with this deal. JetBlue aims to preserve its valuable Northeast Alliance with American Airlines — the airline's most important strategic partnership — but many analysts believe that regulators in the Justice Department's antitrust division will not allow JetBlue to both acquire Spirit and continue its cooperation with American.

Should regulators block JetBlue's deal on anti-trust grounds, it would pay a $350 million reverse break-up fee to Spirit.

But, as has been the case with this multi-month saga, it's anyone's guess what happens next.

Featured image by ZACH GRIFF/THE POINTS GUY
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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  • Packed with credits foodies will enjoy
  • Solid welcome bonus

Cons

  • Not as useful for those living outside the U.S.
  • Some may have trouble using Uber and other dining credits
  • You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
  • Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
  • Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
  • Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
  • $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
  • $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
  • $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
  • Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
  • No Foreign Transaction Fees.
  • Annual Fee is $325.
  • Terms Apply.