JetBlue is going hostile in its bid for Spirit Airlines and asking Spirit shareholders to reject a proposed $2.9 billion acquisition by Frontier Airlines
June 10 on the Frontier bid, which is favored unanimously by the Spirit board. The cash-and-stock offer was valued at $2.9 billion when announced in February, but Frontier's shares have dropped 30% since, reducing the value of the deal.
“The Spirit Board failed to provide us the necessary diligence information it had provided Frontier and then summarily rejected our proposal, which addressed its regulatory concerns, without asking us even a single question about it," JetBlue CEO Robin Hayes wrote in a letter."The Spirit Board based its rejection on unsupportable claims that are easily refuted.”
Helane Becker, an analyst with banking firm Cowen, said the implied value of a Frontier-Spirit deal “is a fraction of the value of offer” of $30 per share in cash.
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