Spirit Airlines adoption of a limited duration shareholder rights agreement
Davis Polk advised Spirit Airlines, Inc. in connection with the adoption by its Board of Directors of a limited duration shareholder rights agreement. Under the rights agreement, the rights would become exercisable only if a person or group (including a group of persons who are acting in concert with each other) acquires beneficial ownership of 10% or more of Spirit common stock in a transaction not approved by the Board of Directors. The rights agreement expires, without any further action being required to be taken by the Board of Directors, on March 29, 2021.
Spirit Airlines is committed to delivering the best value in the sky while providing an extraordinary guest experience. Spirit is the leader in providing customizable travel options starting with an unbundled fare.
The Davis Polk corporate team included partners Louis Goldberg and Brian Wolfe and associate Morgan Lee. All members of the Davis Polk team are based in the New York office.