Spirit Airlines , Inc., (NYSE:), confirmed media reports that JetBlue Airways (NASDAQ;) offered to purchase a company for an unspecified amount of $33 per share. The total offer value was approximately $3.6 Billion (all cash transaction). At current prices, this price offer is roughly 40% higher than Frontier Group Holdings, Inc.s cash and offer for Spirit. It has an implied value approximately $23 per share. Spirits shares rose over 22% this morning before JetBlue’s stock market plunged around 7%.

Industry analysts claim that Spirit and Frontier’s merger would result in $1 billion of annual savings to consumers and will make them the country’s fifth largest airline. This is due to their different business models and regional strengths. Analysts see less likelihood of an agreement between JetBlue and Spirit due to the fact that the Eastern US is home to both companies. JetBlue is the sixth largest airline in America and offers premium services and more perks in flight. Spirit maintains low costs, but fares are higher.

Although Spirit’s board hasn’t made any decision on the deal, they will be reviewing JetBlues’ bid.

Biden could scrutinize either deal. Many progressive legislators expressed concerns about the Frontier and Spirit merger in the past month. Senator Elizabeth Warren (Massachusetts) and Bernie Sanders (Vermont) warned about ticket price increases and reduced customer service risks if this deal is approved.