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  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 29 slides",
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  "authorName": "Moelis & Company",
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  "notes": "The slide uses a 'preempt_rebuttal' strategy by framing the JetBlue offer as 'illusory' due to antitrust concerns.",
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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": "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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      "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": "Spirit shareholders will receive 1.9126 shares of Frontier plus $2.13 in cash for each Spirit share they own, representing: 48.5% pro-forma equity ownership and an economic value share in excess of 50%; Premium exceeds average precedent stock mergers; Ability to participate in the post-pandemic recovery; Further benefits provided by $500MM of annual run-rate operating synergies",
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      "text": "The antitrust risk in JetBlue’s proposal is substantial; JetBlue is proposing a high-cost, high-fare airline; JetBlue’s Northeast Alliance (NEA) substantially increases the risk; JetBlue was unwilling to provide necessary and appropriate protections for Spirit shareholders",
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      "text": "Ongoing Board review of strategic alternatives; Extensive regulatory diligence was integral; When JetBlue made its initial offer, the Board committed significant financial and managerial resources to exploring that proposal",
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      "text": "Source: FactSet. 1. Data as of February 4, 2022. 2. Data reflects average premiums for all-stock U.S. M&A transactions announced between 2007 and 2021 with transaction value over $500mm and 35-65% pro forma target ownership.",
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