By Sam Boughedda
Investing.com — Spirit Airlines Inc (NYSE:) announced Monday afternoon that it intends to advise its stockholders of the board’s formal position regarding the JetBlue Airways (NASDAQ:) tender offer within ten business days.
The company was the subject of a hostile takeover bid by JetBlue after the low-cost carrier rejected a previous proposal in favor of an existing deal with Frontier Group Holdings Inc (NASDAQ:).
However, JetBlue has now made an unsolicited offer to acquire all outstanding shares of Spirit’s common stock for $30 per share in cash, urging Spirit shareholders to vote against the existing deal with Frontier Airlines.
Spirit said it will now “carefully review” JetBlue’s offer to determine the best course of action.
“Spirit intends to advise its stockholders of the board’s formal position regarding the JetBlue tender offer within ten business days,” Spirit said in a statement.
Spirit shares have gained 12.9% Monday.