Spirit Mergers and Acquisitions Presentation Deck
》》 Tender Offer is a Highly Conditional Distraction
* Regulatory Condition: Tender offer would need to be extended to remain open until regulatory approval is
obtained, which is highly unlikely
●
JetBlue itself said it expects the DOJ will sue to block its acquisition of Spirit, which will likely take 18 - 24
months to resolve
*No Market Decline Condition: JetBlue can walk away from its offer if there is any decline in either the Dow
Jones, the S&P 500 or the NASDAQ-100 in excess of 10%, measured from close of business on May 13, 2022
Since JetBlue first submitted its proposal to acquire Spirit on March 29, 2022, the Dow Jones is down 11.4%,
the S&P 500 is down 15.8% and the NASDAQ-100 is down 22.3% (¹)
Source: Capital IQ, Company Filings.
1. Market data as of May 20, 2022.
What stops JetBlue from walking away once it achieves its objective
of disrupting Spirit's merger with Frontier?
What Is JetBlue's Real Motivation?
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