JetBlue launched a hostile offer for Spirit Airlines. But without an open process, Spirit shareholders are on their own, writes JMAGuilford:
U.S. airline JetBlue Airways on May 16 said that it had commenced an all-cash tender offer of $30 per share for ultra-budget carrier Spirit Airlines. The hostile offer is below the $33 per share that JetBlue previously offered Spirit, though JetBlue has said it could increase its price if allowed to conduct due diligence.
Spirit previously agreed to be acquired by ultra-budget peer Frontier on February 7, in a cash-and-stock deal valued at $18.81 per share based on Frontier’s closing price on May 13. Spirit has rejected JetBlue’s previous overtures, saying that a tie-up would be unable to obtain antitrust approval.A JetBlue Airways logo is seen at the check-in counter at LaGuardia Airport in New York April 5, 2012. JetBlue, experts say, is well managed and financially healthy with a market cap of roughly $1.
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