jetBlue Mergers and Acquisitions Presentation Deck
JetBlue offers superior value for Spirit shareholders
Value per Spirit share comparison ($)
jetBlue
$3.3bn
Up to $33.00
$30.00
JetBlue
Proposal
Aggregate Equity Value
+ 38%
+ 8.27
$21.73
Spirit
Unaffected
Share Price¹
+ 60%
+ 11.19
$18.81
Implied Value
of Frontier
Transaction²
+ 77%
+ 13.02
$16.98
Spirit Current
Share Price³
Summary of JetBlue's Superior Proposal
$30/share represents $11.19/share or 60% premium to
current value of Frontier's transaction, offering full and
certain value to Spirit shareholders
Given recent market performance, our $30/share offers
a more attractive premium (60%) to the current implied
value of the Frontier transaction than the original $33
proposal (37%4)
Represents $8.27/share or 38% premium to Spirit's
undisturbed share price¹
Provides Spirit shareholders with certain value and
immediate liquidity
Not subject to market risk (Frontier transaction value
has already declined by $7.02 per share/~$770mm)
1 Spirit unaffected $21.73 closing share price on February 4, 2022.² Represents the implied value of Frontier transaction as of May 13, 2022, based on Frontier's $8.72 closing share price as of May 13, 2022 and the terms of the Frontier Agreement. ³ Spirit's closing share price as of May
13, 2022.4 JetBlue original $33 offer premium to implied value of Frontier transaction on April 4, 2022, the day before the proposal was leaked. Note: $33.00 represents the offer price that Spirit shareholders could receive if their Board engaged with JetBlue in a negotiated transaction.
13View entire presentation