The next phase of the saga over Spirit's future will be marked by the approval of the proposed merger with JetBlue.
Three months ago, shareholders effectively rejected a proposed merger between Frontier Airlines and another ultra-low cost carrier.
In April, JetBlue made an offer for Spirit that set off a battle with Frontier to acquire the airline.
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The board said that the stock-and-cash offer from Frontier was more likely to be approved by regulators. The shareholder vote was pulled because it looked like it was going to be rejected. The vote was in favor of the offer.
A combination of the two airlines would make them America's fifth- largest airline. The two airlines are the sixth and seventh largest.
The New York-based carrier is currently making a $3.8 billion offer for the company. The airline plans to double its size and do away with the other low-fare brand in favor of its own brand.
The labor environment has seen high demand for pilots, flight attendants, aircraft maintenance technicians and others, which is limiting the growth opportunities of the company. In order to offer better competition against the so-called "big four" airlines, they need to acquire and absorb Spirit.
The Biden administration has shown opposition to consolidation. The Department of Justice has accused the Northeast Alliance with American of being anti-competitive.
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Even if they have to argue their case in court, the executives of the airline are still confident that they will get regulatory approval.
The DOJ has to ask themselves, "How did we get into a position where four airlines dominate 80% of the domestic seats?" if they look at the landscape. During a remote interview with a company, the president of the airline asked.
There is a fundamental issue at the DOJ level. The DOJ created a playing field that we want to emulate.
Read more about the fight for the airline.
Barry Biffle, the CEO of Frontier, said that eliminating the brand of Spirit would lead to increased fares.
"Consumers are going to want us because they're going to be paying more, so we'll grow as fast as we can to save them money," Biffle said.
Funding the acquisition is a challenge for the airline.
On top of the $3.8 billion acquisition costs, there will be steep costs to retrofit Spirit's 180 aircraft, or a total of around $540 million to $720 million, according to an independent industry expert.
The airline's total assets, including aircraft, were valued at $13.5 billion at the end of the second quarter. If it depletes its cash and securities holdings, it would still be a long way from the acquisition.
If the deal is rejected by the Department of Justice, the reverse breakup fee will be paid to shareholders.
The deal could be approved by regulators as early as the early 20th century.
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