Merger will happen money will be made just have to wait
prognosis of where this will go? It's not a bad operation. Used to be guys like Bethune could come in and make money in this industry with common sense business management.
So SAVE shares will be worth 31.50 by Jan 24 if the merger takes place?
Word on the street is SPIRIT IS BEING BROUGHT OUT !!! AA, which brought out JetBlue, JetBlue is buying Spirit ,,
To the Stockholders of Spirit Airlines, Inc.:
You are cordially invited to attend a special meeting of stockholders of Spirit Airlines, Inc., a Delaware corporation (which we refer to as “Spirit”) virtually, via live webcast on the Internet at www.virtualshareholdermeeting.com/SAVE2022SM2 on , 2022, at , Eastern Time (which we refer to as the “special meeting”). The purpose of the special meeting is to consider and vote on the proposed acquisition of Spirit by JetBlue Airways Corporation, a Delaware corporation (which we refer to as “JetBlue”) for the cash amounts described below.
On July 28, 2022, Spirit entered into an Agreement and Plan of Merger (which we refer to as the “merger agreement”) with JetBlue and Sundown Acquisition Corp., a Delaware corporation and a direct, wholly owned subsidiary of JetBlue (which we refer to as “Merger Sub”). Under the merger agreement, Merger Sub will merge with and into Spirit, with Spirit continuing as the surviving corporation and a direct, wholly owned subsidiary of JetBlue, in a transaction we refer to as the “merger.” We entered into the merger agreement following the agreement with Frontier Group Holdings, Inc. (“Frontier”), on July 27, 2022, to mutually terminate the previously announced merger agreement entered into as of February 5, 2022 (the “Frontier merger agreement”).
Pursuant to the terms and subject to the conditions set forth in the merger agreement, at the effective time of the merger, each outstanding share of Spirit common stock, par value $0.0001 per share, (which we refer to as the “Spirit common stock”) (except for dissenting shares, treasury stock, and shares owned by JetBlue, Merger Sub or any of their respective wholly owned subsidiaries) will be converted into the right to receive an amount in cash per share, without interest, equal to (i) $33.50 minus (ii) (A) $2.50 (which we refer to as the “approval prepayment amount”), to the extent paid upon the adoption by Spirit stockholders of the merger agreement at the special meeting (or, in the event that the closing of the merger occurs after the record date of, but before the payment date of, such prepayment amount, to the extent payable after the closing), and (B) an additional per share prepayment amount calculated as the product of $0.10 (which we refer to as the “additional prepayment amount”) and the number of additional prepayments paid in accordance with the terms of the merger agreement (or, in the event the closing occurs after the record date of, but before the payment date of any such additional prepayment, to the extent payable after the closing), not to exceed $1.15 per share, by JetBlue to Spirit stockholders in accordance with the merger agreement after December 31, 2022. If the closing occurs during or later than January 2024, the total cash received by Spirit stockholders, including the approval prepayment amount and the aggregate additional prepayment amounts, will increase over time up to a maximum of $34.15 per share in the event the transaction is consummated on the outside date in July 2024.
At the special meeting, the Spirit stockholders will be asked (i) to consider and vote on a proposal to adopt the merger agreement (which we refer to as the “merger proposal”), (ii) to consider and vote on a non-binding advisory proposal to approve the compensation that may be paid or become payable to the named executive officers of Spirit that is based on or otherwise relates to the merger (which we refer to as the “compensation proposal”) and (iii) to consider and vote on a proposal to approve the adjournment of the special meeting, if necessary or appropriate, including adjournment to permit further solicitation of proxies in favor of the merger proposal (which we refer to as the “adjournment proposal”).
The board of directors of Spirit (which we refer to as the “Spirit board of directors”) has unanimously (i) determined that the merger agreement and the transactions contemplated thereby, including the merger, are in
Spirit Airlines Inc
Day Range: 23.70 - 24.61
Last Trade Time: 6:52:55 PM EDT
Total Trades: 20,020
SAVE Detailed Quote
interesting friend, cash plus divy
I just received an email from SPIRIT
"Corporate Action Event Doc" It looks like JET BLUE is looking to acquire SPIRIT AIRLINES.
What does this mean to SPIRIT shareholders?
$SAVE To receive the tender offer, more than half of the outstanding shares must be tendered and the merger for frontier must be voted down. VOTE AGAINST AMD TENDER YOUR SHARES. CALL your broker to tender EVEN if you haven’t received anything yet. Teds internal interests and operational plans do not have a foundation for spirit as a business!
BUYOUT It has been in the works for the last 3 years
Frontier Airlines and Spirit Airlines to Combine, Creating America’s Most Competitive Ultra-Low Fare Airline
Frontier Airlines, Inc.
Mon, February 7, 2022, 4:30 AM·14 min read
In this article:
Highly Complementary Networks to Serve Over 145 Destinations Across the United States, Latin America and the Caribbean
Consumers Win With $1 Billion in Annual Savings and Even More Ultra-Low Fares to More Places
Combined Airline to Drive Competition and Expand Service to Underserved Small and Mid-Sized Cities Across the United States
Combined Fleet Will Be the Youngest, Most Fuel-Efficient and Greenest in the United States
Combination Provides Better Opportunities and More Stability for 15,000 Professionals, Adding 10,000 Direct Jobs by 2026
Conference Call to Discuss Transaction Today at 6:30 AM MT / 8:30 AM ET
DENVER, Colo. and MIRAMAR, Fla., Feb. 07, 2022 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (“Spirit”) (NYSE: SAVE) and Frontier Group Holdings, Inc. (“Frontier”) (NASDAQ: ULCC), parent company of Frontier Airlines, Inc., today announced a definitive merger agreement under which the companies will combine, creating America’s most competitive ultra-low fare airline.
Together, Frontier and Spirit expect to change the industry for the benefit of consumers, bringing more ultra-low fares to more travelers in more destinations across the United States, Latin America and the Caribbean, including major cities as well as underserved communities. The stronger financial profile of the combined company will empower it to accelerate investment in innovation and growth and compete even more aggressively, especially against the dominant “Big Four”1 airlines, among others.
William A. Franke, the Chair of Frontier’s Board of Directors and the managing partner of Indigo Partners, Frontier’s majority shareholder, noted that Indigo has a long history with both Spirit and Frontier, and is proud to partner with them in creating a disruptive airline. “We worked jointly with the Board of Directors and senior management team across both carriers to arrive at a combination of two complementary businesses that together will create America’s most competitive ultra-low fare airline for the benefit of consumers.”
“We are thrilled to join forces with Frontier to further democratize air travel,” said Ted Christie, President and CEO of Spirit. “This transaction is centered around creating an aggressive ultra-low fare competitor to serve our Guests even better, expand career opportunities for our Team Members and increase competitive pressure, resulting in more consumer-friendly fares for the flying public. We look forward to uniting our talented teams to shake up the airline industry while also continuing our commitment to excellent Guest service.”
“This combination is all about growth, opportunities and creating value for everyone – from our Guests to our Team Members to the flying public at large,” said Mac Gardner, Chairman of the Board of Spirit. “We’re a perfect fit – our businesses share similar values, including our longstanding commitment to affordable travel. At the same time, we have complementary footprints and fleets, including one of the youngest and greenest fleets worldwide. Together, we will be even more competitive for our Guests and our Team Members, and we are confident we can deliver on the benefits of this combination to consumers.”
“Together, Frontier and Spirit will be America’s Greenest Airline and deliver more ultra-low fares to more people in more places,” said Barry Biffle, President and CEO of Frontier. “I couldn’t be more excited for our team members, customers, partners, the communities we serve and our shareholders.”
Consumers Win With More Ultra-Low Fares to More Places
The combined airline is expected to:
Deliver $1 billion in annual consumer savings.
Offer more than 1,000 daily flights to over 145 destinations in 19 countries, across complementary networks.
Expand with more than 350 aircraft on order to deliver more ultra-low fares.
Increase access to ultra-low fares by adding new routes to underserved communities across the United States, Latin America and the Caribbean.
Deliver even more reliable service through a variety of operational efficiencies.
Expand frequent flyer and membership offerings.
Team Members Win With Expanded Opportunities and Increased Stability
By 2026 Spirit and Frontier expect to add 10,000 direct jobs and thousands of additional jobs at the companies’ business partners.
Given the growth of the combined company, it is expected that all current team members will have an opportunity to be a part of the combined airline.
Team Members of the combined airline will have better career opportunities and more stability as part of the most competitive ultra-low fare airline in the United States.
Sustainability Wins With America’s Greenest Airline
Frontier and Spirit will be America’s Greenest Airline, providing nationwide access to sustainable and affordable air travel. The combined airline will have the youngest, most modern and fuel-efficient fleet in the United States, featuring the largest fleet of A320neo family aircraft of any airline in the country. The combined airline is expected to achieve over 105 seat miles per gallon by 2025.
Shareholders Win With Superior Value Creation
The combination of Spirit and Frontier is expected to deliver enhanced value to shareholders of both companies.
On a combined basis, the company would have annual revenues of approximately $5.3 billion based on 2021 results.
Once combined, Frontier and Spirit expect to deliver annual run-rate operating synergies of $500 million once full integration is completed, which will be primarily driven by scale efficiencies and procurement savings across the enterprise with approximately $400 million in one-time costs.
The combined airline is expected to have a strengthened financial profile, with a cash balance of approximately $2.42 billion as of the end of 2021 on a combined basis.
Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, Spirit equity holders will receive 1.9126 shares of Frontier plus $2.13 in cash for each existing Spirit share they own. This implies a value of $25.83 per Spirit share at Frontier’s closing stock price of $12.39 on February 4, 2022, representing a premium of 19% over the February 4, 2022, closing price of Spirit, and a 26% premium based on the 30 trading-day volume-weighted average prices of Frontier and Spirit. The transaction values Spirit at a fully diluted equity value of $2.9 billion, and a transaction value of $6.6 billion when accounting for the assumption of net debt and operating lease liabilities.
Upon closing of the transaction, existing Frontier equity holders will own approximately 51.5% and existing Spirit equity holders will own approximately 48.5% of the combined airline, on a fully diluted basis, providing both Frontier and Spirit equity holders with substantial upside potential.
Bringing Our Airlines Together – Governance and Timing to Completion
The Board of Directors for the new airline will be comprised of 12 directors (including the CEO), seven of whom will be named by Frontier and five of whom will be named by Spirit. Mr. Franke will be Chairman of the Board of the combined company.
The merger is expected to close in the second half of 2022, subject to satisfaction of customary closing conditions, including completion of the regulatory review process and approval by Spirit stockholders. Frontier’s controlling stockholder has approved the transaction and related issuance of shares of Frontier common stock upon signing of the merger agreement. The combined company’s management team, branding and headquarters will be determined by a committee led by Mr. Franke prior to close.
Merger Conference Call and Transaction Website Details
Frontier and Spirit will conduct a live conference call and webcast to discuss the transaction at 6:30 AM MT / 8:30 AM ET today. To listen to the live call, please dial (800) 459-5346 or (203) 518-9544 and enter the participant code 4789568.
A live webcast of the conference call will be accessible through: https://webinars.on24.com/messagebank/frontierspirit.com. The accompanying presentation slides will be available on both the Spirit website (https://ir.spirit.com) and the Frontier website (https://ir.flyfrontier.com), as well as www.EvenMoreUltraLowFares.com, a joint website dedicated to the transaction, at 6:15 AM MT / 8:15 AM ET. The webcast will also be available on the Spirit website (https://ir.spirit.com), the Frontier website (https://ir.flyfrontier.com) and www.EvenMoreUltraLowFares.com.
A replay of the call will be available until February 10, 2022, by dialing (888) 274-8331 or (402) 220-7332.
Spirit and Frontier Fourth Quarter and Full Year 2021 Earnings Results
In separate press releases today, Frontier and Spirit are also announcing earnings results for the fourth quarter and full year 2021. In light of today’s proposed transaction, Spirit and Frontier have canceled their previously announced calls for Wednesday, February 9, 2022, at 10:00 AM ET and 4:30 PM ET, respectively.
Citigroup Global Markets Inc. is serving as financial advisor and Latham & Watkins, LLP is serving as legal advisor to Frontier. Barclays and Morgan Stanley & Co. LLC are serving as financial advisors and Debevoise & Plimpton LLP is serving as legal advisor to Spirit.
Well that was quick. ;) Ambulance chasers emerge already
Shareholder Alert: Ademi LLP investigates whether Spirit Airlines, Inc. has obtained a Fair Price in its transaction with Frontier
AdemiLogo (PRNewsfoto/Ademi LLP)
NEWS PROVIDED BY
Feb 07, 2022, 10:25 ET
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MILWAUKEE, Feb. 7, 2022 /PRNewswire/ -- Ademi LLP is investigating Spirit (NYSE: SAVE) for possible breaches of fiduciary duty and other violations of law in its transaction with Frontier.
Click here to learn how to join the action: https://www.ademilaw.com/case/spirit-airlines-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ademi LLP alleges Spirit's financial outlook and prospects are excellent and yet Spirit shareholders will receive only 1.9126 shares of Frontier plus $2.13 in cash for each existing Spirit share they own, implying a value of $25.83 per Spirit share at Frontier's closing stock price of $12.39 on February 4. The merger agreement unreasonably limits competing bids for Spirit by prohibiting solicitation of further bids, and imposing a significant penalty if Spirit accepts a superior bid. Spirit insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Spirit's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Spirit.
Looking at getting out of the market soon I think Biden is killing the Country
Cross-training for what? Pilots ? Flight Attendants? Maintenance?
Expansion into South America early next year. Spirit have been increasing national flight by 20 to 50 per month as things expand back towards normal pre Covid. They still have a long way to go but spirit, southwest and other debt free airlines will our pace large carriers with large debt and overheads
Spirit are doing more cross training with Frontier airlines. Also have partnered with a South American airline based out of Chile so will expand into SA in a big way.
For sure. I got in at 10$
No way it will go back into the teens unless something really really bad would happen to make that happen. Should be back to the high 30s low low 40s by year's end.
I'd like to see hit back in the teens to grab more up.
Nice move. When leisure travel kicks in again, the load factors on Spirit will be great again.
Yup it was so obvious
We still flying HIGH$$$$$$
Slip off the runway and it's breaking news
Why is it that the nose gear comes off the hard surface and CNN has breaking news as if its a dire emergency? This is a nothing. The flight line should let CNN know when the APU is acting up. foolish.
Lol.... best of trades rookie
If a change in administration brings back restrictions
This will sink most companies that use petroleum and coal
Still flying high$$$$$$
Mile high club here$$$$$$$ keep it up longs!!!!!!!