Deals
JetBlue Goes Hostile With Reduced $3.3 Billion Spirit Bid
- Offer is worth $30 a share, less than carrier’s prior approach
- New tactic seeks to pressure Spirit management into talks
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JetBlue Airways Corp. made a hostile $3.3 billion cash bid for Spirit Airlines Inc., appealing directly to shareholders in an effort to prevail over a rival offer for the discount carrier by Frontier Group Holdings Inc.
The JetBlue proposal is worth $30 a 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 agreed. JetBlue’s latest offer is a 77% premium to the value of Spirit’s closing price on Friday.