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JetBlue Launches Hostile Takeover Bid to Acquire Spirit Airlines

The budget airline initiated the maneuver on May 16. It follows Spirit Airlines' rejection of JetBlue's purchase offer that the company made earlier in May. Spirit is already in the midst of $2.9 billion deal with Frontier Airlines. JetBlue attempted to persuade Spirit shareholders to reject the deal with Frontier by offering $30 a share.