Spirit Airlines has rejected the sudden offer of a merger with JetBlue Airways.
The airline's board of directors announced that the $3.6 billion offer provided by JetBlue wasn't enough to dissuade it from sticking with its initial plans to merge with Frontier Airlines.
"[Spirit Airlines'] Board of Directors, in consultation with outside financial and legal advisors has unanimously determined that the unsolicited proposal received from JetBlue Airways does not constitute a 'Superior Proposal,'" the company announced in a press release.
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The board stated that it doesn't believe JetBlue's offer is "reasonably capable of being consummated." The board maintains that its pending transaction with Frontier "represents the best opportunity to maximize value and recommends that Spirit shareholders adopt the merger agreement with Frontier."
Spirit and Frontier announced their intentions to merge in a $3 billion deal on Feb. 7, stating that both boards had approved Frontier's decision to purchase Spirit. The company claimed that the merger would add more than 100 daily flights in 19 countries and expand Frontier Airlines' fleet by 350 aircraft.
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JetBlue announced on April 6 that it would offer a slightly higher bid for Spirit at $3.6 billion, leading some investors to doubt whether Frontier's and Spirit's merger would happen. Spirit responded to the deal by stating that it would consider the proposal and "pursue the course of action it determines to be in the best interests of Spirit and its stockholders."
Frontier made efforts to defend its deal with Spirit, stating that it would make more sense to work with JetBlue due to the company's West Coast headquarters.