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Spirit Airlines rejects JetBlue offer, backs merger with Frontier Group

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Frontier’s cash-and-stock offer was valued at $22.03 per share as of Monday’s close

Both JetBlue and Bill Franke-backed Frontier are locked in an intense bidding war for Spirit as they seek to create the fifth-largest airline that can take on the legacy players in the United States.

Shares of JetBlue and Frontier rose more than 3%, while Spirit was up about 2% in early trading amid a broader surge in travel stocks after China eased its quarantine rules. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.

 

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