JetBlue Airways plans to launch a hostile takeover bid for discount airline Spirit Airlines, according to people familiar with the matter. Earlier, Spirit Airlines rejected a $3.6 billion takeover offer from JetBlue, opting for a merger with Frontier Airlines. JetBlue intends to make a takeover offer to Spirit shareholders in an attempt to lure them directly, hoping to force Spirit's management back to the negotiating table, people familiar with the matter said. Meanwhile, JetBlue plans to urge Spirit Airlines shareholders to vote June 10 against the company's planned merger with Frontier Airlines to further shake Spirit's leadership. It is reported that JetBlue Airways will make a cash offer of $30 per share to acquire the shares held by Spirit Airlines shareholders, but if Spirit Airlines comes to the negotiating table and provides the data requested by JetBlue Airways, then JetBlue Airways will pay for the shares in the hands of Spirit Airlines. The initial proposed takeover price of $33 per share was open.
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