(Reuters) – Takeover target Spirit Airlines Inc said it was in talks with JetBlue Airways Corp over a $3.4 billion sweetened offer and was expecting to decide on the proposal by the end of June.
Spirit has granted JetBlue access to the due diligence information being shared with Frontier Group Holdings Inc after failing to secure enough shareholder support for its deal with the rival suitor.
Below are the key events of the takeover saga:
Date Development
Feb. 7 Frontier makes a cash-and-stock offer of $25.83/share for Spirit
Airlines
Feb. 8 Lawyers from the U.S. Justice Department say Spirit and Frontier’s
merger to create the fifth-largest airline in the country would
face close scrutiny
March 10 Several public advocacy groups call on U.S. regulators to block
Frontier’s bid for Spirit
April 5 JetBlue makes an unsolicited $3.6 billion, or $33/share, all-cash
bid for Spirit
April 6 JetBlue mounts a vigorous defense of its unsolicited $3.6 billion
bid for Spirit, adding that it is “highly confident” of securing
regulatory approval
April 7 Spirit says that it would enter into discussions with JetBlue on
its $3.6-billion offer as it could likely lead to a “superior
proposal” to the one from Frontier
May 2 Spirit rejects JetBlue’s $33/share offer, saying it had a low
likelihood of winning regulatory approval
May 10 Head of Sun Country Airlines throws his…