Spirit’s stock soared more than 28% following the news.
JetBlue on Tuesday made a nearly $3.6 billion «unsolicited offer» to purchase all outstanding shares of Spirit Airlines, Spirit announced in a news release, sending the company’s stock soaring but leaving the budget airline’s future unclear. The February merger announcement was billed as a shakeup to the U.S. airline industry, by creating a company that would challenge the dominance of the «Big Four» airlines: American, Delta, United and Southwest. Spirit Airlines CEO Ted Christie lauded the move at the time, saying it would result in “more consumer-friendly fares for the flying public,” though left-leaning advocacy groups lobbied the Biden Administration to block the planned merger, arguing it would reduce competition and lead to higher fares.
