JetBlue on Tuesday made a nearly $3.6 billion 'unsolicited offer' to purchase all outstanding shares of Spirit Airlines, Spirit announced in a news release, sending the company's stock soaring but leaving the budget airline's future unclear.
JetBlue on Tuesday made a nearly $3.6 billion"unsolicited offer" to purchase all outstanding shares of Spirit Airlines, Spirit
in a news release, sending the company's stock soaring but leaving the budget airline's future unclear.... [+]Key Facts The proposed all-cash deal would value Spirit at $33 per share, far higher than the $23 implied value Spirit agreed to in February as part of aThe Frontier merger still faces a regulatory review process, and Spirit stockholders have not yet approved the move, which would combine the nation's two biggest ultra-low-cost airlines.
Spirit's board of directors will now"evaluate JetBlue's proposal and pursue the course of action it determines to be in the best interests of Spirit and its stockholders," the company said.broke the news of JetBlue’s offer Tuesday afternoon, while JetBlue's stock slumped about 1.8% following the news, closing at $13.64.The February merger announcement was billed as a shakeup to the U.S.
the Biden Administration to block the planned merger, arguing it would reduce competition and lead to higher fares.The Spirit-Frontier merger was touted, in part, because Spirit largely operates in the eastern United States while Frontier has a heavy presence in the west. But JetBlue, like Spirit, is an eastern-based airline.
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JetBlue bids for Spirit Airlines, potentially spoiling Spirit’s merger with Denver-based FrontierJetBlue Airways has made an offer to acquire Spirit Airlines for roughly $3.6 billion, three people with knowledge of the matter said, throwing a wrench into Spirit’s plan to merge with Frontier Airlines. (via nytimes)
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JetBlue offers $3.6 billion for Spirit Airlines, disrupting rival bidJetBlue Airways Corp. offered to buy budget carrier Spirit Airlines Inc. for $3.6 billion, potentially spoiling a competing bid by rival Frontier Group Holdings Inc. and reshaping the landscape for…
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JetBlue makes bid for Spirit Airlines, potentially sparking bidding warJetBlue 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.
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