JetBlue Airways Corp has tabled a $3.6 billion bid to acquire the low-cost carrier Spirit Airlines.
The offer could potentially derail the $2.7 billion merger plan between Spirit and Frontier Group Holdings announced earlier this year.
JetBlue offered $33 a share in an all-cash deal, roughly a 33% bump up from Frontier’s offer of 1.9126 shares of stock and $2.13 in cash, which values Spirit at $24.93 per share.
JetBlue’s unsolicited Tuesday bid caused Spirit shares to fall by 2.5%, JetBlue by 3%, and Frontier by 4% the following day.
JetBlue claimed that, if completed, the deal would “deliver $600 million-$700 million in net annual synergies. They also claim that the combined airline is projected to have annual revenue of about $11.9 billion based on 2019 revenue.”
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