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  "docSlug": "3a5434df92c75e6020cb29e08f3abe35",
  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 29 slides",
  "authorId": "spirit",
  "authorName": "Moelis & Company",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-05-01 00:00:00",
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  "density": "dense",
  "nDataPoints": 15,
  "notes": "The slide uses a bar chart to establish a benchmark for merger premiums and a list to articulate the strategic value of stock-based ownership.",
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      "kind": "chart",
      "text": "Precedent Average Stock-for-Stock Merger Premiums (%)",
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      "kind": "list",
      "text": "Economic Upside from Continued Ownership: Airline share prices have 68% upside to pre-pandemic levels; A merger with Frontier would create a stronger, more effective, national ultra-low fare competitor; An all-cash offer does not include any incremental value",
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      "kind": "source-note",
      "text": "Source: FactSet. 1. Data reflects average premiums... 2. Premium based on... 3. Represents premium to Spirit's closing share price on 2/4/2022.",
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      "kind": "title",
      "text": "A premium at the high end of average precedent transactions, paired with ongoing participation in the expected growth of the combined airline",
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      "kind": "title",
      "text": "The Frontier Merger Offers Compelling Value Now, Plus the Economic Upside of Continued Ownership",
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      "evidence": "Compares Frontier merger premium against historical precedent data and all-cash alternatives.",
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      "evidence": "The presentation highlights the drawbacks of JetBlue's proposed acquisition.",
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      "evidence": "The presentation highlights the benefits of the Frontier merger, including $500MM of annual operating synergies.",
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