Why Spirit Airlines Stock Gained Altitude This Week
JetBlue Airways (NASDAQ: JBLU) isn't ready to give up on its pursuit of Spirit Airlines (NYSE: SAVE), and the doggedness gave a lift to Spirit shares. The low-cost airline's stock gained more than 10% for the week through Friday trading as investors hope for a bidding war between JetBlue and Frontier Group Holdings (NASDAQ: ULCC).
JetBlue just won't take no for an answer. In February, Spirit and Frontier agreed to merge in a deal valued at the time at about $6.4 billion, only to have JetBlue step in with its own $7.2 billion takeover offer in April. In early May, Spirit rejected the JetBlue bid, saying that the proposal is unlikely to win regulatory approval.
Image source: Spirit Airlines.
Source Fool.com
