Low-cost carrier Frontier Group Holdings Inc. has declined to further raise its bid for takeover target Spirit Airlines Inc., potentially drawing curtains on its months-long bidding war with JetBlue Airways Corp.
Spirit signed a cash-and-stock deal with rival Frontier in February to form a new no-frills airline and compete against big national carriers. In April, JetBlue jumped into the fray with an all-cash offer.
Since then, JetBlue and Frontier have been fighting to seal a deal, which would expand their domestic footprints and create the fifth largest U.S. airline.
In a letter to Spirit, Frontier Chief Executive Barry Biffle said the Florida-based ultra-low-cost carrier should consider last month’s revised merger agreement as its “last, best and final offer.”…