Spirit Airlines rejects another Frontier Airlines acquisition worth $2.16B

Core Viewpoint - Spirit Airlines rejected Frontier Group's acquisition offer of approximately $2.16 billion, stating that the bid was less beneficial to shareholders compared to its ongoing reorganization plan [1][3][7] Group 1: Acquisition Offer Details - Frontier's acquisition proposal included$400 million in debt and a 19% stake in Frontier for Spirit's shareholders [1] - The revised proposal from Frontier dropped the requirement for Spirit to complete a $350 million equity rights offering and waived a$35 million termination fee [2] - Spirit Airlines countered with a proposal offering $600 million in debt and$1.185 billion in equity, which Frontier rejected [4] Group 2: Background and Context - Spirit Airlines has been in merger discussions with Frontier since at least 2022, prior to its bankruptcy filing due to ongoing financial losses and significant debt [5][7] - JetBlue Airways previously attempted to acquire Spirit, but that deal was blocked by a U.S. judge over anti-competition concerns [5] - Frontier's renewed takeover efforts this year were met with Spirit's assertion that the initial offer was inferior to previous discussions [6]