Frontier Airlines Won't Raise Its Bid For Spirit Airlines

边疆航空不会提高对精神航空的收购价

As the Spirit Airlines takeover saga continues, Frontier Airlines CEO, Barry Biffle, has confirmed that the airline will not be increasing its offer any further. In a letter to Spirit, Biffle advised that the airline’s most recent proposal will be its “last, best and final offer.”

随着精神航空公司收购案的继续，边疆航空公司首席执行官巴里·比弗尔证实，该公司将不会进一步提高其报价。在给精神航空公司的一封信中，比弗尔建议该航空公司将最近的报价作为其“最后、最好和最终的报价”。

Biffle also indicated that should Spirit accept the offer on the table from rival JetBlue, Frontier would waive its right to match the bid. The letter stated,

比弗尔还表示，如果精神航空公司接受竞争对手捷蓝航空的报价，边疆航空公司将放弃匹配该报价的权利。该信中指出，

"In line with our recent discussions, Frontier does not intend to propose any further modifications to the financial terms of the Merger Agreement”.

“根据我们最近的讨论，边疆航空不打算对合并协议的财务条款提出任何进一步修改”。

Spirit recently delayed a shareholder vote on Frontier’s final offer, while it reviewed the latest offer from JetBlue. This vote is now due to take place on July 15th. However, Frontier recognizes that it does not currently have the required shareholder support at Spirit to pass the deal, and Biffle has requested that the vote be postponed until July 27th.

精神航空公司最近推迟了对边疆航空公司最终报价的股东投票，同时审查了捷蓝航空的最新报价。这次投票定于7月15日举行。然而，边疆航空公司承认，它目前在精神航空公司没有获得通过该交易所需的股东支持，比弗尔要求将投票推迟到7月27日。

This would allow Frontier more time to gain more support for its deal, with Biffle stating, "we still remain very far from obtaining approval from Spirit stockholders based on the proxy data we received as of July 8th.”

这将使边疆航空公司有更多的时间为其交易获得更多的支持，比弗尔表示，“根据我们截至7月8日收到的代理数据，我们离获得精神航空公司股东的批准仍然非常遥远。”

In the letter to Spirit, Frontier CEO, Barry Biffle, went on to say,

在给精神航空公司的信中，边疆航空公司的首席执行官巴里·比弗尔继续说，

“As has been the case throughout this process, we remain committed to this transaction. However, should the Spirit Board of Directors conclude that it would instead desire to pursue an alternative transaction with JetBlue, we would appreciate being advised of that determination.”

“正如在整个过程中的情况一样，我们仍然致力于促进这笔交易。然而，如果精神航空公司的董事会得出结论，希望与捷蓝航空进行替代性交易，我们希望其能告知我们。“

Frontier Airlines vs JetBlue

边疆航空vs捷蓝航空

Let’s take a closer look at the takeover bids currently on the table from both airlines.

让我们仔细看看目前两家航空公司提出的收购要约。

Frontier Airlines is offering a cash-and-stock deal for its ultra-low-cost rival. As part of its latest and final revision of the offer, the carrier is proposing to increase the cash element of the deal by $2 per share to $4.13 per share. The stock element of the deal involves 1.9 Frontier shares being offered for every Spirit share. The total value of the offer, at the current share price, is approximately $2.4 billion.

边疆航空公司正在为其超低成本竞争对手提供一项现金加股票的交易。作为其最新也是最终修订报价的一部分，该公司提议将交易的现金部分每股增加2美元，至每股4.13美元。该交易的股票部分涉及以每1.9股边疆航空公司的股份换购1股精神航空公司的股份。以目前的股价计算，此次收购的总价值约为24亿美元。

In response, JetBlue raised the value of its cash offer to $3.7 billion. Spirit Airlines has repeatedly said, however, that a takeover from JetBlue is unlikely to win approval from the Department of Justice. Frontier Airlines is well aware of this, with Biffle mentioning, “the path to regulatory approval of a JetBlue-Spirit combination seems more impossible by the day.”

作为回应，捷蓝航空将其现金要约的价值提高到37亿美元。然而，精神航空公司一再表示，从捷蓝航空的收购不太可能赢得司法部的批准。边疆航空公司很清楚这一点，比弗尔提到，“捷蓝航空和精神航空的交易获得监管部门批准的可能性似乎越来越渺茫。”

Background to the merger bids

合并投标的背景

The process started in February 2022, when Frontier made a merger bid for Spirit. JetBlue then entered the frame in April with its own bid for the airline.

这一过程始于2022年2月，当时边疆航空公司对精神航空公司提出了合并投标。捷蓝航空随后在4月份加入了对该航空公司的收购。

Both JetBlue and Frontier see the takeover as a unique opportunity to expand their domestic footprint at a time when the industry is suffering from crippling staffing shortages and ongoing disruption.

捷蓝航空和边疆航空都认为，在该行业面临严重的人员短缺和持续的混乱之际，收购是扩大其国内业务的独特机会。

Either deal would lead to the creation of the fifth-largest airline in the US, behind American Airlines, Delta Air Lines, United Airlines, and Southwest.

任何一项交易都将导致美国第五大航空公司的成立，仅次于美国航空公司、达美航空公司、联合航空公司和西南航空公司。

As the takeover saga continues, industry eyes will now be focused on the proposed Spirit shareholder vote this Friday, if it is not postponed, as has been requested by Frontier.

随着收购事件的继续，如果不像边疆航空公司要求的那样推迟，行业的目光将集中在本周五拟议中的精神航空公司的股东投票上。

What do you think of this latest development in the ongoing Spirit Airlines takeover bid? Share your thoughts by commenting below.

你对正在进行的精神航空收购竞标的这一最新进展有什么看法？请在下面的评论中分享你的想法。