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Dow Jones Newswires: JetBlue extends tender offer for Spirit to July 29

JetBlue Airways Corp.

has extended its tender offer for Spirit Airlines Inc.

to July 29 as it continues to compete for the company with Frontier Group Holdings Inc.

JetBlue said Thursday that its offer to purchase all of the outstanding shares of Spirit Airlines for $30 per share in cash will now expire at 5 p.m. ET on Friday, July 29.

The tender offer was previously set to expire at 5 p.m. ET Thursday.

Spirit Airlines on Wednesday postponed its vote for a merger with Frontier that had been scheduled for Thursday so it could continue discussions with Frontier and JetBlue. The vote is now scheduled for July 8.

Both Frontier and JetBlue have recently sweetened their offers for the low-cost carrier.

Frontier last week boosted the cash portion of its offer by $2 per share and upped the breakup fee it would pay in the event regulators block the deal to $350 million. It also said it would prepay $2.22 per share.

JetBlue countered with a larger breakup fee of $400 million and a $2.50 per share prepayment. JetBlue has also offered to add a ticking fee, which would be a monthly prepayment of 10 cents per share between January 2023 and the closing or termination of the deal.

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