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AP National Business

JetBlue goes hostile in bid for Spirit after 2 rejections

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Published 4:19 AM

By MICHELLE CHAPMAN
AP Business Writer

JetBlue is going hostile in its bid for Spirit Airlines and asking Spirit shareholders to reject a proposed $2.9 billion acquisition by Frontier Airlines. Spirit shareholders are scheduled to vote June 10 on the Frontier bid, which is favored by the Spirit board. Spirit has cited uncertainty about regulatory approval of JetBlue’s $3.6 billion offer for the Florida budget carrier. JetBlue said Monday that Frontier’s offer is high risk and low value. JetBlue’s stock rose 2% before the market open, while shares of Spirit jumped more than 12%. Frontier’s shares climbed more than 3%.

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