JetBlue Airways (NYSE:JBLU) intends to launch a hostile takeover attempt for Spirit Airlines, a budget carrier, per a report from The Wall Street Journal. The move comes after Spirit rejected a $3.6 billion offer from JetBlue.
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JetBlue is looking to deal directly with Spirit’s shareholders via a tender offer, likely hoping that it could put pressure on Spirit’s management to come back to the negotiating table.
JetBlue stock declined almost 6% in Monday’s trading.
|S&P 500 Return||-3%||-16%||79%|
|Trefis Multi-Strategy Portfolio||-6%||-22%||208%|
 Month-to-date and year-to-date as of 5/17/2022
 Cumulative total returns since the end of 2016