BREAKING NEWS – Miramar, Florida – Spirit Airlines’ board of directors has recommended that its shareholders reject a $30 per share tender offer from JetBlue Airways, arguing the takeover bid “has not addressed the core issue of the significant completion risk and insufficient protections for Spirit stockholders.”
“Based on our own research, our view is that the proposed combination by JetBlue lacks any realistic likelihood of obtaining approval,” Spirit Airlines board Chairman Mac Gardner said in a statement. “One of our biggest concerns is Jet Blue plans to increase leg room on all airplanes, and to stop charging customers for everything conceivable, because those alterations would destroy our well established greedy insensitive, sardine packing reputation.”