JetBlue offered $33 per share in cash, which would be about 40% higher than Frontier would pay for Spirit under terms of a deal announced in February.
JetBlue Airways has offered to buy Spirit Airlines for about $3.6 billion and break up a plan for Spirit to merge with rival budget carrier Frontier Airlines.Tuesday that its board will evaluate the JetBlue bid and decide what's best for its shareholders.
. Frontier's offer in cash and stock was worth $2.9 billion when it was announced, but Frontier shares have fallen since then, reducing the value to Spirit shareholders.
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