Spirit Mergers and Acquisitions Presentation Deck
>>> JetBlue Rejected Proposals to Protect Spirit
Shareholders, and Lowered Its Offer
JetBlue's actions are inconsistent with any desire to negotiate a transaction which is likely to close
x Reduced Offer by 10%: From $33/share to $30/share with a caveat that it continued to believe Spirit was worth more
* Regulatory Condition: Tender offer would need to be extended to remain open until regulatory approval is obtained,
which is significantly less likely than the Frontier deal
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JetBlue itself said it expects the DOJ will sue to block the transaction, which means a process could take 18 - 24 months
to reach a resolution
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.
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