JetBlue Plans to Launch Hostile Takeover of Spirit: WSJ
source link: https://www.businessinsider.com/jetblue-spirit-hostile-takeover-frontier-airline-flight-travel-tender-shares-2022-5
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JetBlue plans to launch a hostile takeover of Spirit, report says
Spirit Airlines aircraft. Carlos Yudica/Shutterstock
- JetBlue is planning to launch a hostile takeover attempt for Spirit, The Wall Street Journal reported.
- JetBlue plans to launch a tender offer for Spirit shareholders' shares, sources told the WSJ.
- JetBlue made a $3.6 billion bid for Spirit in early April after Spirit had agreed to a merger with Frontier.
JetBlue is planning to launch a hostile takeover attempt for budget airline Spirit, The Wall Street Journal reported on Monday.
JetBlue plans to launch a tender offer for Spirit shareholders' holdings at $30 a share in cash, aimed at putting pressure on the airline's management to re-engage in merger negotiations, people familiar with the matter told The Journal.
The tender offer is set to open on Monday and close on June 30, and JetBlue has already started meeting with some of Spirit's shareholders, some of the sources said.
In February, Spirit agreed to a $2.9 billion merger with fellow low-cost airline Frontier. JetBlue made a $3.6 billion bid for Spirit in early April, which the airline rejected, with its board saying that it involved "an unacceptable level of closing risk."
JetBlue, Spirit, and Frontier did not immediately respond to Insider's request for comment, made outside of normal working hours.
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