The offer also increases by 65 cents if the merger isn’t finished by December 2023.


it’s in the fine print of the merger announcement on the JB investor relations page.

“

• JetBlue will acquire Spirit for $33.50 to up to $34.15 per share in cash, depending on the timing of closing, including 1) an accelerated prepayment of $2.50 per share in cash, payable promptly after Spirit’s stockholders approve the transaction, and 2) a ticking fee prepayment of $0.10 per share per month between January 2023 and the consummation or termination of the transaction.
  • In the event the transaction is consummated on or before December 2023, the transaction consideration will be $33.50 per share, increasing over time to up to $34.15 per share, in the event the transaction is consummated at the outside date in July 2024.
  • The transaction consideration of $33.50per share implies an aggregate fully diluted equity value of approximately $3.8 billion3 and an adjusted enterprise value of $7.6 billion4.”