Tuesday’s Top Gainers: Spirit Airlines, System1 & Black Knight

April 7, 2022 By: WealthMintr Team

SPIRIT AIRLINES JUMPS AFTER A $3.6 BILLION OFFER FROM JETBLUE AIRWAYS

Spirit Airlines Inc. (NYSE: SAVE) was up 22.42% after JetBlue Airways made an all-cash offer of $3.6 billion for the company, which has raised questions regarding Spirit’s deal to merge with Frontier Airlines. The company indicated that its Board is evaluating the offer from JetBlue and will take an appropriate course of action to establish what is best for shareholders.

As the airline sector recovers from two terrible pandemic years, the contest for Spirit demonstrates a fresh ambition for consolidation. Airlines are rushing to recruit pilots, airline staff, and other workers with the travel industry recovering.

JetBlue’s offer comes barely two months after the company and Frontier consented to merge, becoming the nation’s fifth-largest carrier. The New York Times reported that JetBlue offered $33 per share in the unsolicited all-cash proposal as per the companies.

SYSTEM1 ANNOUNCES Q4 AND FY2021 FINANCIAL RESULTS 

System1 Inc. (NYSE: SST) was up 23.02% after the omnichannel customer acquisition marketing company announced its Q4 and FY 2021, representing the combined results of Protected.net Group Limited and S1 Holdco LLC. The results don’t include the 2021 results of Trebia Acquisition Corp, which merged with Protected.net and S1 Holdco.

The company reported revenue of $239 million, representing YoY 48%, with adjusted EBITDA of $37 million, representing a YoY increase of 65% for the fourth quarter. The company had revenue of $833 million for the full year, representing a 47% YoY increase with adjusted EBITDA of $127 million, which was a 103% YoY increase.

System1 guided for revenue of $1 billion and adjusted EBITDA of $174 million for FY 2022. The company said that the guidance included results from the recently acquired NextGen Shopping Inc.’s CouponFollow and RoadWarrior. CEO Michael Blend said that the Q4 and FY 2022 showed the increasing value of the RAMP tech platform while the company focuses on expanding the subscription and advertising business.

BLACK KNIGHT IS CONSIDERING A SALE

Black Knight Inc. (NYSE: BKI) gained 11.81% following revelations that the mortgage lending analytics and software firm was considering a possible sale following receipt of takeover interest. People familiar with the issue revealed that private equity companies have been considering bids for Black Knight. The people who sought anonymity said that the firm is engaging advisers to help with the process.

Interestingly, the company has yet to decide whether to consider a sale or remain independent. Black Knight considers billionaire mogul Bill Foley as its Chairman emeritus. Foley had retired from the Board last year. Representatives of the company are yet to respond about the development. Black Knight offers data, software, and analytics services to home equity and mortgage lending and servicing, and real estate sectors.