JetBlue Airways made a $3.6 billion all-cash offer for Spirit Airlines which came as a surprise move for investors. Spirit Airlines got multiple offers from airlines as the airline industry carriers try to force their way out of two difficult pandemic years. They are now scrambling to bring back pilots, attendants and workers as the travel business returns to full force.
Trading in Spirit shares was halted before the market closed Tuesday during which the stock spiked more than 22% to $26.92. JetBlue CEO Robin Hayes and COO Joanna Geraghty wrote to their employees, “We can all agree that Spirit has a very different brand and product than JetBlue, and so at first glance, you may not think we’d make a great pair. However, when you dig deeper, you’ll realize we could be a perfect match. After all, our strong belief has always been that Customers shouldn’t have to choose between a low fare and a great experience, and JetBlue is the only airline that offers both.”
