Frontier Airlines increases offer to buy Spirit: Travel Weekly

On Friday, Frontier Airlines increased its offer to purchase Spirit Airlines.

Frontier increased its offer to $4.13 in cash and 1.9126 Frontier shares for each Spirit share.

If antitrust officials at the Justice Department don't approve the merger, the airline added a bigger breakup fee. The break up fee was raised by Frontier from $250 million to $350 million.

The Frontier-Spirit merger will be voted on by shareholders at a meeting on June 30.

"JetBlue's proposal is superior to the Frontier transaction, even considering its revised terms, and it continues to offerSpirit shareholders significantly more value, more cash, more certainty, and more regulatory protections," the airline said.

The all-cash offer was raised to $33.50 per share. The value of the Frontier deal at Friday's closing prices was about $2 billion.