JetBlue plans to takes its case directly to Spirit investors, after Spirit previously spurned JetBlue’s merger offer
JetBlue is offering $30 a share in cash in its tender offer, but would be open to paying its initial offer price of $33 a share if Spirit comes to the negotiating table and provides data JetBlue has requested, the people said.
Spirit has been the subject of a tug of war between two rival carriers that both consider the Florida-based airline as key to their ability to grow and challenge the big airlines that dominate the industry in the U.S. Either transaction, if approved, would create the fifth-largest U.S. airline.Scott Olson/Getty Images
Spirit’s shares have retreated since it rejected JetBlue’s offer, though it and other airlines have been affected by the broader market selloff as well. In its revised proposal in late April, JetBlue offered to divest itself of all of Spirit’s assets in New York and Boston to avoid increasing its presence in markets where the Justice Department has flagged concerns about the partnership with American, but stopped short of saying it was willing to exit that deal altogether.
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