JetBlue ups offer for Spirit Airlines as shareholder vote on Frontier bid approaches

LaGuardia International Airport Terminal A for JetBlue and Spirit Airlines in New York.

Leslie Josephs | CNBC

JetBlue Airways again increased its offer for Spirit Airlines as a shareholder vote for the discounter’s deal to merge with Frontier Airlines is just days away.

Frontier sweetened its offer on Friday and Spirit’s CEO told CNBC then that Spirit’s board still found that to be a superior bid.

JetBlue’s new offer raises the reverse break-up fee to $400 million from $350 million and includes a dividend to Spirit shareholders of $2.50 a share, up from a previous offer of $1.50.

Spirit shares were up 5% in afterhours trading on the news, while JetBlue’s were up less than 1% and Frontier’s were up 1%. Spirit and Frontier shares fell sharply in regular trading.

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