Spirit confirms JetBlue’s ‘unsolicited’ all-cash, $33 a share bid

Spirit Airlines Inc. said late Tuesday it has received an “unsolicited” bid from JetBlue Airways Corp. to acquire the ultra low-cost air carrier in an all-cash deal for $33 a share. Spirit’s board “will work with its financial and legal advisors to evaluate JetBlue’s proposal and pursue the course of action it determines to be in the best interests of Spirit and its stockholders,” the company said in a statement. Spirit and Frontier Group Holdings Inc. had announced a merger in February. In the statement, Spirit said its board will evaluate JetBlue’s bid “in accordance with the terms of the company’s merger agreement with Frontier and respond in due course.” Shares of Spirit shot up more than 22% in late session before being halted. The New York Times reported the news of JetBlue’s bid earlier Tuesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.