JetBlue, the seventh-largest airline in the United States by fleet size, launched a hostile takeover bid for Spirit Airlines — the country's eighth-largest airline — on Monday, two weeks after Spirit rejected an offer from JetBlue.
On March 29, JetBlue CEO Robin Hayes sent a letter to Spirit suggesting that "the combination of our two companies would create a leading player best positioned to serve our customers by offering increased flight schedules and more competitive fares," according to CNBC. A formal offer of $33 per share followed. The offer also included a reverse break-up fee of $200 million — or $1.80 per share — if regulators blocked the deal.
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