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Rebuffed by Spirit, JetBlue goes hostile in takeover bid

Posted at 3:38 PM, May 16, 2022
and last updated 2022-05-16 17:39:31-04

JetBlue is going hostile in its bid for Spirit Airlines. And it's asking Spirit shareholders to reject a proposed $2.9 billion acquisition by Frontier Airlines.

Spirit shareholders are scheduled to vote June 10 on the Frontier bid, which is favored by Spirit's board.

Spirit has cited uncertainty about regulatory approval of JetBlue’s $3.6 billion offer for the Florida budget carrier.

JetBlue said Monday that Frontier’s offer is high-risk and low-value.

Shares of JetBlue Airways Corp. fell 6% while shares of Frontier, based in Denver, closed up 6%.

Shares of Spirit, based in Miramar, Florida, jumped 13.5% but still closed well below either JetBlue offer, at $19.27.