Spirit Airlines board urges shareholders to reject JetBlue offer

Spirit Airlines board on Thursday urged its shareholders to reject a hostile takeover offer from JetBlue Airlines, saying it was "a cynical attempt to disrupt" its merger with Frontier.

Spirit added that "JetBlue's focus on Spirit appears to be an attempt to distract from the fact that JetBlue's own business is in disarray."

JetBlue says its $30 a share offer is far superior to the value of Frontier's cash-and-stock offer and insists regulatory concerns are not a reason to reject its bid.

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