What happened with JetBlue today?
JetBlue Airways, an international airline carrier, launched a hostile takeover bid to buy Spirit Airlines. JetBlue has offered Spirit shareholders US$30 per share as part of a tender to reject a pending merger deal with Frontier Airlines.
Additional information can be found at: washingtonpost.com/transportation/2022/05/19/spirit-jetblue-airline-takeover
With this latest move, JetBlue aims to persuade Sprint shareholders to vote against the Frontier deal at an upcoming meeting on June 10, 2022.
JetBlue initially offered Spirit US$33 per share, this was however thrown out by the Board of Spirit as it already had made arrangements to merge with Frontier Airlines.
The airline market is heating up as the two major companies: JetBlue and Frontier battle over Spirit. Investors hold their breathe as “JetBlue vs Spirit” or the pending “JetBlue Spirit merger” play out in the media.
Summary: JetBlue launches hostile takeover of Spirit to block Spirit Frontier merger.