JetBlue Airways is not taking no for an answer in its quest to buy rival Spirit Airlines.
The New York-based carrier on Monday launched a hostile all-cash takeover bid for Spirit Airlines, two weeks after the ultra-low-cost carrier rejected an offer from the larger rival.
In a letter to Spirit shareholders, JetBlue offered $30 per share and said it was ready to negotiate in good faith a consensual transaction at $33, subject to receiving necessary diligence.
In April, Spirit rejected JetBlue's offer, saying it had a low likelihood of winning approval from regulators.
JetBlue is locked in a takeover battle for Spirit with Frontier Group Holdings and has argued a deal will help better compete with the "Big Four" U.S. airlines that control almost 80% of the passenger market.
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