Spirit Airlines’ board has unanimously rejected JetBlue Airways’ unsolicited $3.6bn takeover bid over concerns it would not be consummated, saying it would instead stick with a lower offer from Frontier Group Holdings.
“The JetBlue proposal involves an unacceptable level of closing risk,” Spirit chairperson Mac Gardner said in a letter to JetBlue released on Monday. “Spirit continues to believe in the strategic rationale of the proposed merger with Frontier and is confident…