Spirit Airlines, Inc. today confirmed receipt of an updated proposal from JetBlue Airways to acquire all of the outstanding shares of Spirit's common stock.
Consistent with its fiduciary duties, the Spirit Board of Directors will work with its financial and legal advisors to evaluate JetBlue's proposal and pursue the course of action it determines to be in the best interests of Spirit and its stockholders. The board will conduct this evaluation in accordance with the terms of the Company's merger agreement with Frontier and respond in due course. Spirit shareholders do not need to take any action at this time.
Barclays and Morgan Stanley & Co. LLC are serving as financial advisors to Spirit, and Debevoise & Plimpton LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal advisors.
