Spirit Airlines’ board of directors rejected an acquisition proposal from JetBlue Airways, saying it did not constitute a “superior” proposal to a pending merger agreement with Frontier Group Holdings, parent company of Frontier Airlines. The board said it continues to believe the transaction with Frontier represents the best opportunity to maximize value and recommends that Spirit shareholders adopt it. JetBlue made an all-cash offer of $3.6 billion to buy Spirit in early April. In a letter to JetBlue, Spirit’s board said that after a thorough review and extensive dialogue with JetBlue, the board determined that the JetBlue proposal involves “an unacceptable level of closing risk that would be assumed by Spirit stockholders.” Part of that risk, according to the letter, was possible antitrust action by the government because of JetBlue’s Northeast Alliance with American Airlines. As previously announced on Feb. 7, 2022, Spirit entered into a merger agreement with Frontier, under which Spirit and Frontier would combine in a stock and cash transaction. The Spirit-Frontier merger is expected to close in the second half of 2022.