Spirit Airlines Incorporated on Tuesday announced it received a purchase proposal from JetBlue Airways Corporation to buy the company’s outstanding shares for $33 apiece.
The unsolicited proposal from JetBlue amounts to a $3.6 billion price tag for the airline company. The announcement comes about two months after Frontier Group Holdings Inc., the parent company of Frontier Airlines, announced a $6.6 billion merger agreement with Spirit. At the time, Spirit and Frontier told investors that the planned merger will result in a stronger financial profile for the combined company, and allow them to compete even more aggressively in the airline space.
