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  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 29 slides",
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  "authorName": "Moelis & Company",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "This is a classic M&A defense slide, framing the Frontier deal as superior while attacking the JetBlue offer as 'illusory' due to antitrust concerns.",
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      "kind": "callout",
      "text": "JetBlue’s offer is illusory, given the substantial hurdles to regulatory approval and the context of its antitrust litigation over the NEA",
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      "kind": "callout",
      "text": "A merger with Frontier is the most financially and strategically compelling alternative available to Spirit shareholders",
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      "text": "A rigorous strategic process delivered not just strong economics, but a level of deal certainty which protects shareholders' interests",
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      "text": "Antitrust risk is substantial... JetBlue is a high-cost airline... NEA increases risk... JetBlue unwilling to provide protections",
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      "text": "Spirit shareholders will receive 1.9126 shares of Frontier plus $2.13 in cash... 48.5% pro-forma equity ownership... $500MM of annual run-rate operating synergies",
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      "text": "Ongoing Board review... Extensive regulatory diligence... Board committed significant financial and managerial resources to exploring JetBlue proposal",
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      "kind": "source-note",
      "text": "Source: FactSet. 1. Data as of February 4, 2022. 2. Data reflects average premiums for all-stock U.S. M&A transactions...",
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      "kind": "title",
      "text": "Support FOR the Frontier Transaction is the Most Compelling Path to Creating Value for Spirit Shareholders",
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