JetBlue extends tender offer for Spirit to July 29

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JetBlue Airways Corp. JBLU,
has expanded its public offering for Spirit Airlines Inc. SAVE,
+ 6.38%
until July 29, as it continues to compete for the company with Frontier Group Holdings Inc. ULCC,

JetBlue said Thursday that its bid to buy all outstanding Spirit Airlines shares for $ 30 per share in cash will now expire at 5 pm ET on Friday, July 29th.

The bidding bid was due to expire prior to 5pm ET on Thursday.

Spirit Airlines postponed its vote on Wednesday in favor of a merger with Frontier that had been scheduled for Thursday so it could continue talks with Frontier and JetBlue. Voting is now scheduled for July 8.

Both Frontier and JetBlue have recently sweetened their offers for the low-cost carrier.

Frontier last week increased the cash portion of its bid by $ 2 per share and increased the breakout fee it would pay in the event regulators blocked the deal to $ 350 million. He also said he would pay in advance $ 2.22 per share.

JetBlue responded with a breakout rate greater than $ 400 million and a prepayment of $ 2.50 per share. JetBlue has also offered to add a ticket fee, which would be a monthly prepayment of 10 cents per share between January 2023 and the closing or termination of the deal.

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