JetBlue launched a hostile takeover bid for Spirit Airlines on Monday and asked shareholders of the low-cost carrier to reject a proposed acquisition by Frontier Airlines.
JetBlue hopes that its move will push Spirit’s board to the negotiating table after the board rejected an earlier offer.
Spirit said that it will “carefully review” JetBlue’s tender offer and plans to make a recommendation to shareholders within 10 business days. Spirit asked the shareholders not to respond to JetBlue until the board finishes the review.
JetBlue pitched a new offer of $30 per share in cash, or more than $3.2 billion, to Spirit stockholders but said its April 5 offer of $33 per share is still available if Spirit enters negotiations.
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