JetBlue is going hostile in its bid for Spirit Airlines and asking Spirit shareholders to reject a proposed $2.9 billion acquisition by Frontier Airlines.
JetBlue is going hostile in its bid for Spirit Airlines and asking shareholders of the low-cost carrier to reject a proposed acquisition by Frontier Airlines.
Spirit's board rejected JetBlue's original $3.6 billion bid on May 2, saying antitrust regulators are unlikely to approve an offer from the New York City airline largely because of its alliance with American Airlines in the Northeast. The Justice Department is suing to block that deal. JetBlue said its new offer is lower because of Spirit's unwillingness to share financial information that JetBlue requested.
Hayes said JetBlue is offering a significant premium in cash, more certainty, and more benefits for all Spirit investors. He said JetBlue is confident of winning regulatory approval, and called the Frontier bid high risk and low value.The bid from Frontier Group Holdings Inc. provides less cash but would let Spirit shareholders keep 48.5% of the combined airline. It would give Spirit shareholders 1.9126 shares of Frontier plus $2.13 in cash for each Spirit share.
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