JetBlue Airways announces hostile takeover attempt of Spirit Airlines

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JetBlue Airways said on Monday it plans to launch a hostile takeover attempt on Spirit Airlines after the low-cost carrier rejected JetBlue’s $3.6 billion bid in favor of an existing deal with Frontier. Airlines.

JetBlue said it is appealing directly to Spirit shareholders by launching a tender offer for its shares, in hopes of putting pressure on company management to resume negotiations.

At the same time, JetBlue said it is asking Spirit shareholders to vote against Spirit’s planned June 10 merger with Frontier Group Holdings to send a message to Spirit’s board.

“If Spirit shareholders vote against the Frontier transaction and compel the Board to trade with us in good faith, we will work towards a consensus transaction at $33 per share, subject to receipt of information to support it,” the CEO said. from JetBlue, Robin Hayes.

Source: CNN Brasil

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