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Spurned JetBlue launches hostile takeover of Spirit Airlines
JetBlue is not giving up easily its bid to buy Spirit Airlines, despite being rejected by the budget airline’s board.
JetBlue is launching a hostile takeover, urging Spirit shareholders to vote against the rival deal from Frontier Airlines.
Spirit shareholders are set to vote on the proposed merger with Frontier on June 10.
JetBlue is touting an all-cash offer of $30 per share, which it says is now a ‘60% premium to the value of the Frontier transaction.’
“The Spirit Board failed to provide us the necessary diligence information then summarily rejected our proposal, which addressed its regulatory concerns,” JetBlue said in a note to Spirit shareholders.
“The rejection is based on unsupportable claims that are easily refuted.”
Spirit turned down the JetBlue offer, concerned over regulatory hurdles the deal would face.
“We believe JetBlue’s economic offer is illusory,” it said.
A combined Spirit and Frontier airline would become bigger than JetBlue as well as Alaska Airlines, based on the number of passenger miles flown.
“Merging with Frontier will enable the combined ULCC achieve scale, and compete more effectively against the Big Four carriers, as well as JetBlue,” Spirit recently said.
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