Spirit Mergers and Acquisitions Presentation Deck
>> JetBlue Was Provided Access, Data and Information
JetBlue's claims that Spirit's Board refused to engage are not supported by facts....read the
proxy for yourself!
7 Meetings &
Hundreds of Hours
Constructive
VDR Access
2-Hour
Diligence Call
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Inappropriate
Requests
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Following signing of the NDA with JetBlue on April 8, Spirit's outside antitrust counsel, Paul Weiss, immediately
engaged with JetBlue's antitrust counsel and conducted extensive analysis of JetBlue's proposal
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Spirit's economic consultants have spent literally hundreds of hours assessing the regulatory risk of an acquisition of
Spirit by JetBlue, including assessing the validity and merits of JetBlue's own analysis
Spirit promptly opened a virtual data room to JetBlue, which was substantively consistent with information shared
with Frontier and included a detailed 5-year plan
JetBlue requested highly competitive, sensitive items including route-level forecast of passenger and other revenue
through 2025
Spirit's management declined to provide such information, consistent with the information provided to Frontier
Material information on Spirit is of course publicly available; JetBlue - like any U.S. airline - also has easy access to
airline subscription data services that would allow them to evaluate Spirit's route level economics
Spirit and its advisors engaged consistently and constructively with JetBlue since their March 29th proposal
As any reasonable and responsible person would do, in the interest of protecting Spirit's business in the event a
JetBlue transaction did not proceed, certain commercially sensitive "clean room" information was withheld until
JetBlue could establish a clear path forward to obtain regulatory approval, which it has clearly failed to do
On April 19, Spirit's management team conducted a 2-hour due diligence call with JetBlue's management team on a
range of high priority due diligence topics, including financial model projections, fleet financing, labor, Spirit's new
HQ, and other material contract details
Summary of JetBlue's Propaganda
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