LATEST: The decision by Frontier Airlines to sweeten its offer for Spirit Airlines paid dividends Friday when an investor-advisory firm recommended the deal to Spirit shareholders.
Glass Lewis supported the deal after Frontier added a $250 million breakup fee to the February agreement between boards of both budget airlines.
The firm said a rival offer by JetBlue exceeds the current value of the Frontier deal “by a fairly wide margin,” but that JetBlue hasn’t made a compelling case to override Spirit’s argument that antitrust regulators would block a sale to JetBlue. Glass Lewis said Frontier “likely has an easier path to closing” a deal than does JetBlue, and the firm said it was encouraged by the addition of a breakup fee to give Spirit shareholders more protection against the risk that regulators oppose the sale to Frontier.
JetBlue said Frontier and Spirit added the breakup fee only when it became clear that Spirit shareholders would vote down their merger. JetBlue included a $200 million fee to Spirit if regulators block its bid, which is worth more than $3 billion in cash.
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