WASHINGTON (dpa-AFX) - Spirit Airlines, Inc. (SAVE) said its Board has unanimously determined that the unsolicited tender offer from JetBlue Airways (JBLU) to acquire all outstanding shares of Spirit's common stock for $30 per share in cash is not in the best interests of Spirit and its stockholders. The Board found that the JetBlue deal faces substantial regulatory hurdles, especially while the NEA is in effect. The company does not believe that the JetBlue transaction is likely to receive regulatory approval.
The Spirit Board unanimously recommended that stockholders not tender any of their shares into the offer and continues to recommend that stockholders vote for the merger agreement with Frontier.
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