JetBlue is going hostile in its effort to acquire Spirit (SAVE), the latest twist in an industry battle for the low-cost carrier.
New York JetBlue is going hostile in its effort to acquire Spirit , the latest twist in an industry battle for the low-cost carrier.
Spirit previously rejected a takeover offer from JetBlue , favoring an earlier deal to merge with fellow budget airline Frontier. Now, JetBlue is appealing directly to Spirit's shareholders, urging them to vote against the Frontier deal while launching its own all-cash offer of $30 per share.JetBlue said in a statement Monday that its offer represented a"60% premium to the value of the Frontier transaction.
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Rebuffed by Spirit Airlines, JetBlue goes hostile in takeover bidJetBlue is going hostile in its bid for Spirit Airlines and asking Spirit shareholders to reject a proposed $2.9 billion acquisition by Frontier Airlines.
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Spirit shareholders are flying without a pilotJetBlue launched a $3.3 bln hostile, all-cash offer for the ultra-cheap carrier. That’s almost 60% more than Spirit’s agreed cash-and-stock deal with Frontier. A JetBlue tie-up could face more antitrust scrutiny. But without an open process, Spirit shareholders are on their own.
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