JetBlue is going hostile in its bid for Spirit Airlines and asking shareholders of the low-cost carrier to reject a proposed $2.9 billion acquisition by Frontier Airlines.
"We struggle to understand how JetBlue can believe" that the Justice Department or a court would let JetBlue strike a deal with American, then buy Spirit, eliminating the nation's largest low-cost airline, the Spirit board said in a letter to JetBlue directors. to vote June 10 on the Frontier bid favored by the Spirit board.
JetBlue on Monday offered $30 a share in cash for each share held by Spirit investors, but said it's open to paying its initial offer price of $33 a share if the board at Spirit enters talks and provides data that JetBlue has requested. It said that the lower per-share price is based on Spirit's unwillingness to share information it requested.© 2022 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.Please enter email address to continue
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