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5/16, 10:30 AM (Source: TeleTrader)
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JetBlue to attempt hostile takeover of Spirit - report

JetBlue Airways is planning a hostile takeover of Spirit Airlines Inc. after its initial bid was rejected earlier in May, the Wall Street Journal reported on Monday. JetBlue is expected to start a tender offer of $30 per share in cash, "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," sources said.

The airline intends to put pressure on Spirit's board to reconsider its offer, the report claimed. It also allegedly hopes to persuade the board to reject the previously agreed merger with Frontier Group Holdings Inc.

Spirit's shares jumped 16% after the release of the report.

Baha Breaking News (BBN) / DJ