Reuters reveals Frontier offers $250 mln break-up fee in Spirit Airlines deal

Reuters exclusively reported that Frontier Group Holdings Inc said on Thursday it has agreed to pay a break-up fee of $250 million in a bid to salvage its $2.9 billion acquisition of Spirit Airlines Inc that would create the fifth-largest U.S. airline. The sweetening of the terms, first reported by Reuters, comes after proxy advisory firm Institutional Shareholder Services Inc urged Spirit shareholders to vote against the deal with Frontier because Spirit failed to negotiate a break-up fee should U.S. antitrust regulators shoot down their deal.