Spirit Urges Shareholders To Reject JetBlue Takeover

May 20, 2022 Business, Travel

Spirit Airlines’ board on Thursday urged its shareholders to reject JetBlue Airways’ hostile takeover attempt, citing regulatory hurdles and accusing the airline of trying to derail its planned merger with fellow discount carrier Frontier Airlines.

JetBlue launched its hostile takeover bid on Monday after Spirit earlier this month rebuffed its surprise $33-a-share, all-cash acquisition offer. The tender offer from New York-based JetBlue was for $30 a share.

Frontier and Spirit in February announced a $2.9 billion cash-and-stock deal to combine into a discount airline behemoth. All three airlines fly Airbus narrow-body planes, with dozens more on order.

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Spirit Airlines’ board urges shareholders to reject a hostile takeover bid from JetBlue in favor of a tie-up with Frontier https://t.co/xKZMiWLr5E

— The Wall Street Journal (@WSJ) May 19, 2022