JetBlue Airways continued its fight to acquire Spirit Airlines, raising its all-cash bid yet again in response to an increased offer by rival suitor Frontier in the days before a crucial shareholder vote.
The intensifying bidding war sent Spirit’s shares up 1.17 percent Tuesday.
The newest JetBlue proposal, which won the backing of Spirit investor TIG Advisors Tuesday, includes an accelerated prepayment of $2.50 a share, structured as a cash dividend to shareholders after approval of the terms. That’s up from $1.50 a share in a prior offer. JetBlue said it also increased its breakup fee to $400 million from $350 million, to be paid if antitrust regulators block the combination.
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