JetBlue Up Offer To Buy Spirit Airlines

U.S. low-cost carrier JetBlue Airways has improved its offer to purchase Spirit Airlines.

JetBlue increased its reverse break-up fee by US$150 million to $350 million, payable to Spirit shareholders in case the deal falls through due to anti-competition concerns.

The revised offer comes days after Frontier Airlines agreed to pay Spirit a break-up fee of  $250 million.

JetBlue Airways originally offered $3.6 billion in cash, then launched a $3.2 billion tender offer and asked Spirit shareholders to reject the Frontier bid.

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Edited by Jesus Chan

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