South Florida-based Spirit Airlines acknowledged Tuesday that it has attracted a surprise new suitor in JetBlue Airways of New York, which is seeking to outbid a recent merger offer by Frontier Airlines of Denver.
In a statement Tuesday afternoon, Spirit announced that it received “an unsolicited proposal from JetBlue Airways” to acquire all of its stock in a cash deal valued at $33 a share. For investors, the offer represents a substantial premium over Frontier’s bid, which is now worth roughly $23 a share based on current stock prices.
Spirit said its board of directors will work with its financial and legal advisers to evaluate the JetBlue proposal “and pursue the course of action it determines to be in the best interests of Spirit and its stockholders.”
