The board of Spirit Airlines rejected a hostile takeover bid from JetBlue Airways Corp., setting up a shareholder vote next month to determine control of the U.S. budget carrier.
Spirit directors said Thursday that JetBlue’s $3.3 billion, all-cash offer carried too much regulatory risk, and that the board continued to back Spirit’s agreed combination with Frontier Group Holdings a deal that would create the fifth-largest U.S. airline.
