Twitter isn't the only company facing a takeover as the airline JetBlue is launching its own hostile takeover attempt of the rival airline Spirit.
The attempt from JetBlue was reported by The Wall Street Journal, and the airline announced its plans to tender an offer for Spirit shareholders' holdings at $30 a share in cash on Monday.
The plan from JetBlue is aimed at putting pressure on the budget airline's management to re-engage in merger negotiations that have otherwise gone cold, according to the report from the Journal.
The offer opened on Monday and will close on June 30 as JetBlue announced that it has already begun meeting with shareholders for Spirit, the Journal reported.
Like a breakup gone wrong, Spirit had agreed in February to plans to merge with Frontier Airlines in a $2.9 billion deal.
JetBlue attempted to court Spirit in April through a $3.6 billion bid, but Spirit's board said it had "an unacceptable level of closing risk," Business Insider reported.
Now the decision of what deal to move forward with will be left to a vote from Spirit shareholders. JetBlue Chief Executive Robin Hayes wrote in an open letter that his company would work towards a deal if shareholders wanted to.
"If the Spirit shareholders vote against the transaction with Frontier and compel the Spirit Board to negotiate with us in good faith, we will work towards a consensual transaction at $33 per share, subject to receiving the information to support it," Hayes wrote.
Spirit shared on Monday that it is reviewing the tender offer and urging its investors not to take any action at this time. However, in 10 business days, the airline said it would advise its shareholders of the board's formal position.
Related
