jetBlue Mergers and Acquisitions Presentation Deck
jetBlue
Spirit's Board has not acted in its shareholders' interest
X
Key themes
Spirit's Board is
entrenched and
conflicted
Frontier transaction
results from a
fundamentally
flawed process
No constructive
engagement with
JetBlue
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●
Entrenchment resulting in a flawed process
Multiple Spirit Directors involved in the decision to merge with Frontier have significant
ties to Bill Franke, who appointed each to the Spirit Board
Length of tenure and known conflicts display poor governance
Frontier has promised Board seats on the combined entity to 5 out of the 8 current Spirit
Directors
●
O
Spirit and Frontier have periodically explored the possibility of a business combination in the
past, without ever seriously considering any alternative
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• Spirit's Board clearly made no attempt to extract more value from Frontier for the Spirit
shareholders, even after JetBlue's enhanced proposal
Spirit negotiated with Frontier for 8 months prior to signing but failed to perform a market
check
Limited diligence information provided to JetBlue
Unreasonable and off-market regulatory requests that were not required in Frontier
transaction
No good faith engagement to negotiate a transaction
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