Spirit Airlines – Acquired Co And Top Gun, Unit Of Frontier Reached Amendment To Merger Agreement And Plan

Spirit Airlines – Acquired Co And Top Gun, Unit Of Frontier Reached Amendment To Merger Agreement And Plan

Published: 06/24/2022 21:35 GMT
Jetblue Airways Corp (JBLU) – Spirit Airlines – on June 24, Co and Top Gun Acquisition, Unit of Frontier entered into an amendment to the agreement and merger plan dated February 5, 2022.
Spirit-Second Amendment amends the Merger Agreement to increase the amount of cash consideration payable to Spirit shareholders by an additional $2.00/share.
The Spirit-second Amendment also increases the reverse termination fee payable by Frontier to $350,000,000.
Spirit Airlines Inc – Frontier will make an interest-free loan to Spirit in an amount equal to $241,100,000 in connection with the dividend.
The Spirit-second Amendment increases the number of seats on the merged company’s board of directors to be determined by the Frontier by One board of directors.
Spirit Airlines – The amendment provides, following the vote of Spirit shareholders in favor of the agreement, a portion of the cash consideration to be paid upfront.
The Spirit-second Amendment decreases the number of seats on the merged company’s board of directors to be determined by the Spirit by One Board of Directors.
Spirit Airlines – Cash advance in the form of a cash dividend to Spirit shareholders of $2.22 per Spirit common stock.
Spirit Airlines Inc – Frontier will provide Spirit with an interest-free loan in the amount of $241.1 million in connection with the dividend.
Spirit Airlines – An amendment modifies the agreement to increase the amount of cash consideration to a total cash amount, without interest, equal to $4.13/share.
Additional Company Coverage: Saven

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