JetBlue Launches Hostile Takeover Bid for Spirit Airlines

JetBlue has commenced a hostile all-cash takeover bid for Spirit Airlines, according to reports, just days after the airline rejected an offer from it. JetBlue earlier offered $33 per share, and is now in a takeover battle for Spirit with Frontier. JetBlue said its deal would help better compete with the legacy airlines that control nearly 80 percent of the passenger market.

JetBlue said on Monday it had filed a "Vote No" proxy statement, urging Spirit shareholders to vote against the planned merger with Frontier, Reuters said.

In an open letter to Spirit shareholders, published Monday, JetBlue said it was confident it would