JETBLUE yesterday improved its offer for smaller rival Spirit Airlines in an attempt to outstrip competition in the race to buy the low-cost carrier.

Shares of Spirit rose 1.6 per cent in early trading.

Under Jetblue's revised terms, Spirit shareholders would receive $31.50 per share in cash, comprising $30 at deal close and prepayment of $1.50 from a raised reverse break-up fee soon after Spirit shareholders vote to approve a deal.

The firm is the subject of a bidding war on Wall Street.

Reuters

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