JetBlue announces a deal to buy Spirit Airlines
CNN
JetBlue Airways on Thursday announced it would purchase Spirit Airlines, a combination that would create America's fifth-largest airline.
The announcement comes a day after Spirit pulled the plug on a deal to merge with Frontier.
JetBlue had been pursuing a hostile bid for Spirit even while Spirit sought shareholder approval for a lower-priced deal with Frontier. Spirit had continually expressed concern whether regulators would approve a deal with JetBlue. But shareholders had balked at accepting Frontier's less-valuable cash-and-stock offer when they had JetBlue's all-cash offer on the table.
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