FILE - A Spirit Airline aircraft flying over Gloster City, N.J., approaches Philadelphia International Airport Friday, Oct. 22, 2021. JetBlue Airways has offered to buy Spirit Airlines for about $3.6 billion and break up a plan for Spirit to merge with rival budget carrier Frontier Airlines. Spirit said Tuesday, April 5, 2022, that its board will evaluate the JetBlue bid and decide what's best for its shareholders. (AP Photo/Matt Rourke, File) (Matt Rourke, Copyright 2021 The Associated Press. All rights reserved.)
Spirit Airlines’ board still supports Frontier Airlines’ $2.9 billion takeover bid for the airline, saying it determined JetBlue’s competing $3.6 billion offer isn’t a superior proposal.
Last month Spirit said that after speaking with financial and legal advisers, its directors believed JetBlue’s offer could “reasonably” turn out to be the better of the two deals.
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But on Monday the company announced that it was determined that JetBlue’s offer “is not reasonably capable of being consummated.”
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