JetBlue refuses to give up its quest for Spirit Airlines

(C) Reuters. Airplane model is placed on displayed Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21, 2022. REUTERS/Dado Ruvic/Illustrations

(Reuters) – JetBlue Airways (NASDAQ:JBLU) Corp on Monday sweetened its offer for Spirit Airlines (NYSE:SAVE) Inc with a ‘ticking fee’ and higher reverse termination fee, hoping to woo Spirit’s shareholders from taking up Frontier Group’s offer.

JetBlue said the ticking fee, which would give Spirit shareholders a monthly prepayment of 10 cents per share between January 2023 and the closing of the deal, bumps up the total price for Spirit to $34.15 per share.

JetBlue last week had sweetened its takeover offer for Spirit to $33.50 per share.

JetBlue sweetens Spirit takeover offer with ‘ticking fee’