Spirit Airlines has rejected JetBlue’s $3.6 billion acquisition offer.
Spirit Airlines had agreed to merge with rival Frontier Airlines in a $2.9 billion deal back in February of this year. A month after, JetBlue came in with what they believed to be a better offer of $3.6 billion in a cash takeover.
But, that is a better offer…
Not according to Spirit, which said JetBlue’s offer carries “an unacceptable level of closing risk.” That’s because JetBlue faces uncertainty around closing the deal due to antitrust reasons.