JetBlue offers $3.6B to acquire Spirit Airlines - report

EPA-EFE/JUSTIN LANE

JetBlue Airways has bid to acquire Spirit Airlines for about $3.6 billion, as reported by The New York Times, citing people with knowledge of the matter.

According to the report, JetBlue allegedly offered $33 per share in cash, which is near a 40% premium to Frontier's cash-and-stock bid for Spirit, which has an implied value of about $23 per share at current prices.

Following the announcement of JetBlue's offer, Spirit Airlines shares soared 20%. Spirit's board has not yet decided on which deal to pursue but plans to review JetBlue's offer thoroughly.

Baha Breaking News (BBN) / JG