Spirit Airlines Inc.’s board unanimously rejected JetBlue Airways Corp.’s unsolicited $3.6 billion takeover bid over concerns it wouldn’t be consummated, saying it would instead stick with a lower offer from Frontier Group Holdings Inc.
“The JetBlue proposal involves an unacceptable level of closing risk,” Spirit Chairman Mac Gardner said in a letter to JetBlue released Monday. “Spirit continues to believe in the strategic rationale of the proposed merger with Frontier and is confident that it represents the best opportunity to maximize long-term shareholder value.”
The decision keeps Spirit and Frontier on a path to create the nation’s largest deep discounter—carriers that charge fees for everything beyond a low,
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