Spirit Airlines Inc. rebuffed a $3.6 billion cash takeover bid from JetBlue Airways Corp., saying a deal likely can’t be completed, and it is sticking with plans to merge with rival budget carrier Frontier Group Holdings Inc.
JetBlue’s offer for Spirit came with a higher price tag than Frontier’s cash-and-stock offer, which was originally valued at $2.9 billion. However, Spirit’s board said it believed there was too much risk that regulators would bar a merger with JetBlue, even after JetBlue pledged to shed assets to win regulatory approval and to pay a $200 million breakup fee if it was unable to complete the proposed acquisition for antitrust reasons.
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