JetBlue seeks to buy Spirit Airlines

NEW YORK, April 06 (AFP): JetBlue Airways announced Tuesday a bid to acquire Spirit Airlines for $3.6 billion, setting up a bidding war with Frontier Airlines in the discount flying market.

The all-cash bid of $33 a share marks a 52 per cent premium of Spirit's price prior to its February 07 announcement of the deal with Frontier, according to JetBlue.

"JetBlue firmly believes its proposal constitutes a 'superior proposal' under Spirit's merger agreement with Frontier and represents the most attractive opportunity for Spirit's shareholders," JetBlue said. Spirit confirmed receipt of the "unsolicited" proposal from JetBlue.

The board "will work with its financial and legal advisors to evaluate JetBlue's proposal and pursue the course of action it determines to be in the best interests of Spirit and its stockholders," Spirit said.

Frontier hit back at the JetBlue announcement and said its proposed merger with Spirit remained "in the best interest of consumers and shareholders," a Frontier spokesperson said.

Frontier also said that JetBlue's effort was "surprising" given an antitrust lawsuit by the Department of Justice challenging an alliance between American Airlines and JetBlue.