Spirit Airlines Inc (NYSE:SAVE) shares are trading higher Monday after JetBlue Airways Corp (NASDAQ:JBLU) launched a hostile takeover bid for the discount airline.
JetBlue announced that it has filed a "Vote No" proxy statement urging Spirit shareholders to vote against Spirit's proposed combination with Frontier Group Holdings Inc (NASDAQ:ULCC) at the company's upcoming special shareholder meeting.
In addition, JetBlue commenced an all-cash, fully financed tender offer to acquire all of the outstanding shares of Spirit for $30 per share. JetBlue noted that it's fully prepared to negotiate in good faith a consensual transaction at $33, subject to receiving necessary diligence.
JetBlue launched a website called JetBlueOffersMore.com and issued a letter to Spirit shareholders detailing the benefits of its proposed transaction.
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SAVE 52-Week Range: $15.92 - $37.19
The stock was up 14.8% at $19.50 at press time.
Photo: courtesy of Spirit Airlines.
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