Breaking...Spirit/B6 Merger Unlikely..

Ultra low cost carrier Spirit Airlines on Monday rejected JetBlue Airways’ $33-per-share takeover offer, saying it had a low likelihood of winning approval from government regulators.
JetBlue on Friday had enhanced its offer — but not its $33 per share price — and promised a $200 million reverse break-up fee — or $1.80 per Spirit share – if the deal does not go through for antitrust reasons. JetBlue disclosed the new offer on Monday.
JetBlue’s offer is significantly higher than the current roughly $21.88 per share value of the cash and stock bid from Frontier made in February.
Spirit shares fell 8.9% to $21.50, while Frontier was down 2.9% to $10.32 and JetBlue shares rose 1% to $11.11
Frontier and JetBlue are in a battle for Spirit to better compete with legacy carriers, or the “big four” airlines that control nearly 80% of the US passenger market.
Frontier had no immediate comment
The Justice Department and six states in September sued to unwind JetBlue and American Airlines’ “Northeast Alliance” partnership, alleging the agreement would lead to higher fares in busy northeastern US airports.

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