Spirit said antitrust regulators are unlikely to approve JetBlue’s offer because of JetBlue’s alliance with American Airlines in the Northeast. Spirit still supports Frontier Airlines’ $2.9 billion takeover bid.
Spirit Airlines said Monday that it still supports Frontier Airlines’ $2.9 billion takeover bid for the airline, saying it was more likely to win regulatory approval than JetBlue’s competing $3.6 billion offer.
JetBlue rejected Spirit’s view, especially after promising last week to make concessions designed to assure regulatory approval of its offer. JetBlue’s CEO seemed to raise the possibility of a hostile takeover bid. Spirit said its board unanimously continues to back the bid made by Frontier in February and views it as the best way to maximize value. The airline anticipates a deal with Frontier closing in the second half of the year.