MergerApr 28, 2026, 05:32 PM
SNCY/Allegiant Merger Update: Lawsuits & Supplemental Disclosures
AI Summary
Sun Country Airlines Holdings, Inc. and Allegiant Travel Company provided an update on their pending merger, confirming stockholder meetings on May 8, 2026. The companies disclosed two lawsuits and demand letters alleging disclosure deficiencies in the Joint Proxy Statement/Prospectus. While denying the merit of these claims, SNCY and Allegiant are voluntarily issuing supplemental disclosures to avoid delays, which include updated financial forecasts and valuation analyses.
Key Highlights
- Special stockholder meetings for SNCY and Allegiant on May 8, 2026, to vote on the merger.
- Two lawsuits filed April 16-17, 2026, alleging disclosure deficiencies in merger documents.
- Supplemental disclosures provided to address claims, including updated financial forecasts.
- Allegiant's 2026E Operating Revenue forecast $2,664M; Adjusted EBITDAR $550M.
- Sun Country's (Oct) 2026E Operating Revenue forecast $1,178M; Adjusted EBITDAR $209M.
- Sun Country's (Dec) 2026E Operating Revenue forecast $1,170M; Adjusted EBITDAR $211M.
- Goldman Sachs' illustrative present value per SNCY share (standalone) $18.70-$22.90.
- Goldman Sachs' illustrative present value for consideration per SNCY share (pro forma) $21.70-$30.75.