Why Spirit Airlines Is Up and JetBlue Is Down Today

JetBlue Airways (NASDAQ: JBLU) is going directly to shareholders to keep its bid to pry Spirit Airlines (NYSE: SAVE) away from Frontier Group Holdings (NASDAQ: ULCC). The hostile bid sent Spirit shares soaring as much as 13.7% higher on Monday, while Frontier shares are 7% higher and shares of JetBlue traded down about 5%.

An airline industry takeover battle got a fresh twist on Monday, with Spirit the target of overtures by both Frontier and JetBlue. In February, Frontier and Spirit agreed to combine in a cash and stock deal that valued Spirit at about $24 per share at the time. In April JetBlue came in with its own $33-per-share cash offer.

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Source Fool.com