Why Spirit Airlines Is Flying Higher Today
On Wednesday, Spirit Airlines (NYSE: SAVE) and Frontier Group Holdings (NASDAQ: ULCC) terminated their planned $2.9 billion merger agreement in the face of significant Spirit shareholder objections. The termination sets the stage for Spirit to possibly sell itself to JetBlue Airways (NASDAQ: JBLU) at a higher price.
Spirit shares reacted by soaring higher, up as much as 5% in Wednesday trading.
On Wednesday, after multiple postponements, Spirit shareholders finally had their say on the company's planned deal with Frontier. They decided to hold out for something better.
Source Fool.com
