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The offer price of at least $33.50 per share represents a premium of nearly 38% to Spirit’s Thursday closing price.
Including a “ticking fee”, or small monthly payments to Spirit shareholders from January next year until the deal is completed, the offer can go up to $34.15 per share.
Spirit also terminated a deal with Bill Franke backed-Frontier Group Holdings Inc, its rival suitor with whom it had agreed to a $2.9-billion offer in February before JetBlue jumped into the fray.
Both JetBlue and Frontier were locked in an intense bidding war for Spirit to create a combined airline that will better compete with legacy U.S. carriers at a time when the industry faces labor crunch and high jet fuel costs.
