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Spirit Airlines rejects JetBlue bids and sticks to the border agreement

Spirit Airlines Inc. rejected a $ 3.6 billion cash takeover bid JetBlue Airways Corp., says an agreement is unlikely to be implemented and that it is sticking to plans to merge with rival budget company Frontier Group Holdings Inc.

JetBlue’s offer for Spirit came at a higher price than Frontier’s cash-and-share offer, which was originally valued at $ 2.9 billion. However, Spirit’s board said it believed there was too much risk that regulators would prevent a merger with JetBlue, even after JetBlue promised to surrender assets to win regulatory approval and pay a $ 200 million breach fee if it did not able to complete the proposed acquisition for causes of antitrust.

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