jetBlue Mergers and Acquisitions Presentation Deck
A vote against Frontier is a vote for Spirit shares to increase
jetBlue
$35.00
$32.50
$30.00
$27.50
$26.92
$25.00
$22.50
$20.00
$17.50
$15.00
Average spread¹ (5-Apr to 29-Apr)
5-Apr-2022
$25.48 Average Price
11-Apr-2022
~29.6% average spread¹ between
JetBlue proposal leak² and day before
Spirit's rejection³ of JetBlue offer
JetBlue Proposal
17-Apr-2022 23-Apr-2022
JetBlue Tender Offer
$33.00
Spirit
-$30.00
$23.61
29-Apr-2022
Upside if Frontier transaction is rejected
Up to $33.00
r
1 $30.00
JetBlue Proposal
-30%
Average
Spread
$25.48
I $23.14
Implied Value
of Spirit
-36%
Premium
$16.98
Current Spirit
Trading Price
A rejection of the Frontier transaction will result in a higher price for Spirit stock, even before any
consideration of the likelihood of JetBlue's transaction closing
Source: Bloomberg; market data as of May 13, 2022. 1 Spread represents the difference between JetBlue's proposal price and Spirit's trading share price. 2 JetBlue Proposal was made public on April 5, 2022. 3 Spirit rejected JetBlue's proposal on May 2, 2022.
Note: $33.00 represents the offer price that Spirit shareholders could receive if the Spirit Board engaged with JetBlue in a negotiated transaction.
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