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Not going to fly: Spirit Airlines again rejects JetBlue’s bid

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Spirit shareholders will decide the issue during a June 10 special meeting.

By Mary SchlangensteinBloomberg

Published On 19 May 2022

Spirit Airlines Inc. rebuffed a hostile $3.3 billion takeover offer from JetBlue Airways Corp., setting the stage for a potentially contentious vote by shareholders on whether to back a JetBlue bid or stand by a pending combination with rival deep discounter Frontier Group Holdings Inc.

Spirit said its board unanimously determined that the JetBlue proposal is not in the best interests of the carrier or its shareholders. The potential transaction “faces substantial regulatory hurdles” and is unlikely to be successfully completed, Spirit said Thursday in a statement. Spirit again recommended shareholders vote in favor of Frontier’s bid.

JetBlue didn’t immediately respond to requests for comment. Frontier also didn’t immediately respond.

It was the second rejection of a JetBlue bid by Spirit’s board, which stood by Frontier’s $2.9 billion cash-and-stock deal

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