JetBlue has made a $3.6 billion bid for budget rival Spirit, planning to combine the two brands to challenge the dominant airlines in the US.
The unsolicited bid came after Florida’s Spirit Airlines and Denver-based Frontier Airlines announced plans in February for a merger to create “an aggressive ultra-low fare competitor”.
JetBlue’s approach trounces Frontier’s bid for Spirit, with JetBlue offering $33 per share, a 50% premium to Spirit’s current share price. JetBlue said the offer was a “superior proposal”.
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