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  "documentTitle": "jetBlue | Mergers and Acquisitions Presentation Deck | 37 slides",
  "authorId": "jetblue",
  "authorName": "jetBlue",
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  "sourceTypeSlug": "investment_bank",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "Focuses on Delaware Section 262 appraisal rights as a mechanism to extract higher value than the Frontier deal.",
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      "kind": "list",
      "text": "Section 262 of the Delaware General Corporation Law provides Spirit shareholders with appraisal rights which could apply in the event the Frontier transaction is approved",
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      "text": "Spirit is worth more than the value of the Frontier transaction; in determining the fair value of Spirit’s shares, the court would consider certain factors including standalone DCF values and that JetBlue’s superior all-cash proposal of $30 per share values Spirit at a significant premium to the Frontier transaction",
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      "text": "When Spirit shareholders perfect their appraisal rights and a court determines the appropriate stand alone value for Spirit, the combined Frontier-Spirit will be required to pay that amount in cash to the dissenting shareholders",
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      "kind": "list",
      "text": "The exercise of appraisal rights ultimately results in a court process in which a court will determine the fair value of the Spirit shares and require that amount to be paid 100% in cash",
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      "kind": "title",
      "text": "Spirit shareholders should vote AGAINST the Frontier transaction and also exercise appraisal rights they are entitled to under Delaware law",
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      "evidence": "The document presents a clear comparison between the two proposals",
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