JetBlue Airways Corp. said it plans to launch a hostile takeover attempt for discount carrier Spirit Airlines Inc. after Spirit rejected JetBlue’s $3.6 billion offer in favor of an existing deal with Frontier Airlines.
JetBlue is appealing directly to Spirit’s shareholders by launching a tender offer for their shares, in hopes of pressuring Spirit’s management to re-engage in negotiations, JetBlue said Monday. At the same time, JetBlue said it is urging Spirit shareholders to vote against Spirit’s planned merger with Frontier Group Holdings Inc. on June 10 to send a message to the Spirit board.
Source: https://www.wsj.com/articles/jetblue-to-launch-tender-offer-for-spirit-urge-shareholders-to-vote-against-frontier-deal-sources-say-11652688356?siteid=yhoof2&yptr=yahoo