JetBlue Airways made a hostile $3.3 billion cash bid for Spirit Airlines, appealing directly to shareholders in an effort to prevail over a rival offer for the discount carrier by Frontier Group Holdings.
The JetBlue proposal is worth $30 per share, $3 less than its initial approach, which was spurned by Spirit’s board two weeks ago. The New York–based company said Monday it will pay the higher price should a “consensual transaction” be reached. JetBlue’s latest offer is a 77% premium to the value of Spirit’s closing price Friday.
Spirit shares climbed 12.5% to $19.08 at 12:10 p.m. in New York. JetBlue shares fell by about 4%, and
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