JetBlue Airways Corp. plans to launch a hostile takeover attempt for discount carrier Spirit Airlines Inc., according to people familiar with the matter, after Spirit rejected JetBlue’s $3.6 billion offer in favor of an existing deal with Frontier Airlines.
JetBlue plans to appeal directly to Spirit’s shareholders by launching a tender offer for their shares, in hopes of pressuring Spirit’s management to re-engage in negotiations, the people said. At the same time, JetBlue plans to urge Spirit shareholders to vote against Spirit’s planned merger with Frontier Group Holdings on June 10 in a further effort to sway the company’s leaders, the people said.
