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  "documentTitle": "Frontier | Mergers and Acquisitions Presentation Deck | 15 slides",
  "authorId": "frontier",
  "authorName": "Frontier and Spirit",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "Includes footnotes detailing valuation assumptions and ownership splits.",
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      "kind": "list",
      "text": "12 Member Board (including CEO), 7 named by Frontier and 5 named by Spirit. Chairman of the Board: Bill Franke. The combined company's management team, branding, and headquarters will be determined by a committee led by Mr. Franke prior to close.",
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      "text": "Substantial upside to both sets of equity holders: Frontier equity holders to own ~51.5% and Spirit equity holders to own ~48.5% upon closing. Spirit equity holders will receive 1.9126 shares of Frontier plus $2.13 in cash. Implies a 19% premium over Spirit's Feb 4, 2022 closing price, and a 26% premium based on 30-day VWAPs. Transaction values Spirit at $2.9 billion equity value and $6.6 billion transaction value. Closing expected in the second half of 2022.",
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      "text": "(1) On a fully-diluted basis. (2) Based on Frontier's closing stock price of $12.39 on February 4, 2022, the consideration implies a value of $25.83 per Spirit share. (3) When accounting for the assumption of net debt and operating lease liabilities.",
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      "kind": "title",
      "text": "A Winning Combination",
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      "evidence": "The document presents the benefits of the merger, including a winning combination, significant expected benefits, and a more effective ultra-low fare competitor.",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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