JetBlue To Make “Hostile Bid” To Acquire Spirit Airlines

The Associated Press reports:

Rebuffed twice, JetBlue is going hostile in its bid for Spirit Airlines and asking shareholders of the low-cost carrier to reject a proposed $2.9 billion acquisition by Frontier Airlines.

JetBlue is going straight to shareholders with its offer in hopes of pushing the board of the South Florida airline to the negotiating table. Shares of spirit jumped 17% before the opening bell Monday.

Spirit has rejected JetBlue’s $3.6 billion offer twice already, saying antitrust regulators are unlikely to approve an offer from the New York City airline because of its alliance with American Airlines in the Northeast. The Justice Department is suing to block that deal.

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JetBlue making hostile bid for Spirit, Orlando’s No. 2 carrier https://t.co/qYGySI2w2M pic.twitter.com/3K9sZFVT1v

— Orlando Sentinel (@orlandosentinel) May 16, 2022