JetBlue Airways launched an aggressive takeover bid for Spirit Airlines, days after the discount airline rejected a bid from its biggest competitor.
JetBlue, which had previously submitted a bid of $ 33 per share, is in a dispute over the acquisition of Spirit with Frontier Group Holdings, and has stressed that a deal will help better compete with the US Big Four, which controls 80% of the passenger market.
In a letter to Spirit shareholders, JetBlue offered $ 30 per share and said it was able to “negotiate good faith for a $ 33 consensual transaction, provided it receives the necessary diligence.”
Spirit rejected the initial offer, saying it was unlikely to receive approval from regulators.
JetBlue said it had filed a power of attorney calling on Spirit shareholders to vote against the planned merger with Frontier, which has offered $ 21.66 for each share of the company.
Spirit shares rose more than 19% to $ 20.28 in pre-conference trading.
Source: Capital
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