JetBlue ups its bid for Spirit

After being officially rejected by Spirit earlier this month, JetBlue has decided to up its bid for Spirit. The airline is now offering 30 USD per share, which is significantly more than Frontier Airlines is offering. The bid is, however, completely unsolicited, meaning this latest attempt of JetBlue can now be seen as a hostile take-over.

The board of Spirit will now, once again, and in line with laws and regulations, evaluate the offer of JetBlue to determine what the best options are for Spirit and its shareholders.

The battle for Spirit ignited early April when JetBlue put in a first suprise bid on the low-cost airline, which announced in February that it reached an agreement with Frontier for a merger of the two companies, creating the fourth largest airline in the US.

To be continued...

Photo by Anton Homma.