The carrier made an offer in April and later revised it before Spirit’s board rejected it earlier this month. Under the current proposal, JetBlue is offering $30 per share to merge with Spirit, but it said in a filing it would work to meet the original $33 per share “if the Spirit Board decides to constructively engage with us.”
Analysts say a merger of any of the two carriers could create an airline with the scale and routes to more effectively compete with the nation’s four largest air carriers. The moves come amid pandemic-era shifts in the airline industry, which saw travel plummet two years ago but is now struggling to meet growing demand as fuel and airfare prices rise.
While some on Monday characterized JetBlue’s move as a hostile takeover, experts say the tender offer will not move forward without the approval of Spirit’s board.
Quinn Curtis, a professor of law at the University of Virginia, characterized JetBlue’s latest offer as a “very public negotiating tactic,” one that it probably hopes will prompt shareholders to put pressure on Spirit’s board.
“This is a publicity slash negotiating tactic to really amp up the pressure on that board and make it really clear to shareholders what they’re giving up at a time when there’s probably a little bit of vulnerability and the vote is…
