(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’