Advertisement

JetBlue launches hostile takeover bid for Spirit Airlines

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.
 


comments powered by Disqus
Most Popular
Three Jamaicans found dead in New York...
Jackson runs third fastest 200m ever!