- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
- Vietnam president reiterates support for Cuba during official visit
- Drought reduces Amazon River in Colombia by as much as 90%: report
- Stay or go? Pacific Islanders face climate's grim choice
- Florida bracing for 'unsurvivable' Hurricane Helene
- Poverty rises to over 52 percent in Milei's Argentina
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JetBlue seeks to buy Spirit Airlines, threatening Frontier deal
JetBlue Airways announced Tuesday a bid to acquire Spirit Airlines for $3.6 billion, setting up a bidding war with Frontier Airlines in the discount flying market.
The all-cash bid of $33 a share marks a 52 percent premium of Spirit's price prior to its February 7 announcement of the deal with Frontier, according to JetBlue.
"JetBlue firmly believes its proposal constitutes a 'superior proposal' under Spirit's merger agreement with Frontier and represents the most attractive opportunity for Spirit's shareholders," JetBlue said.
Spirit confirmed receipt of the "unsolicited" proposal from JetBlue, adding that its board would weigh the offer.
The board "will work with its financial and legal advisors to evaluate JetBlue's proposal and pursue the course of action it determines to be in the best interests of Spirit and its stockholders," Spirit said.
Frontier hit back at the JetBlue announcement and said its proposed merger with Spirit remained "in the best interest of consumers and shareholders," a Frontier spokesperson said.
"Unlike the compelling Spirit-Frontier combination, an acquisition of Spirit by JetBlue, a high-fare carrier, would lead to more expensive travel for consumers. In particular, the significant East Coast overlap between JetBlue and Spirit would reduce competition and limit options for consumers."
Frontier also said that JetBlue's effort was "surprising" given an antitrust lawsuit by the Department of Justice challenging an alliance between American Airlines and JetBlue.
In announcing the merger between Frontier and Spirit two months ago, executives from the two carriers argued they could together challenge larger US carriers and save about $1 billion in costs.
JetBlue offered a similar argument Tuesday, saying the deal would "position JetBlue as the most compelling national low-fare challenger to the four large dominant US carriers."
Shares of Spirit rose 22.4 percent Tuesday, while JetBlue fell 7.1 percent. Frontier Group rose 3.9 percent.
A.Leibowitz--CPN