By Chris Isidore, CNN Business Spirit Airlines said it will stick with its deal with Frontier Airlines, rejecting a more lucrative competing offer from JetBlue Airways. The airline said it doesn’t believe regulators would allow JetBlue to buy Spirit.
Spirit Airlines said it will stick with its deal to be purchased by Frontier Airlines, rejecting a more lucrative competing offer from JetBlue Airways.
Under JetBlue's proposal, Spirit shareholders would be offered $33 per share in cash per common share, a 47% premium to the value of Frontier's transaction as of April 29 and a 52% premium to Spirit's stock price as a Feb. 4.
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.
Spirit Airlines said it will continue to pursue a $2.9 billion merger with Frontier Airlines, turning down a more lucrative competing offer from JetBlue Airways.
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