JetBlueTuesday’s announcement of its ultra-low cost carrier bid in cash for $3.6 billion was made Spirit AirlinesIt would allow it to grow in the country, and be more competitive against bigger airlines.

Spirit called the offer “unsolicited” but it casts doubt on Spirit’s plans to tie up with them. Frontier Airlines. Spirit shares rose more than 22% Tuesday following the announcement, but fell 3% Wednesday morning in premarket trades. JetBlue and Frontier both fell more than 3%.

Discounters Frontier & Spirit provide similar products, with low fares and sparse onboard services. There are also fees to cover everything from hand baggage and seat selection.

JetBlue has, however, spent many years developing its Mint business-class service, which includes full meals and lie-flat beds. JetBlue announced the start dates of its first flight from Boston to London on the same day as it revealed its unexpected bid for Spirit.

JetBlue, however, is primarily focused on domestic travel. If Spirit is approved by Justice Department of the Biden Administration, it would allow it to expand its reach and compete with bigger carriers.

Analysts were confused by the offer.

UBS called the event a “headscratcher.”

“Wait, What?” MKM Partners asked.

Bank of America indicated that JetBlue, Spirit and Spirit each have Airbus planes but they are struggling to offer additional benefits to JBLU.

After the announcement, Raymond James said JetBlue was no longer market-performing and that it would take a lot of effort to combine product and labor.

Raymond James Savanthi Syth stated that “The process will also be likely to distract from or possibly unwind existing initiatives, most notably Northeast alliance with American.” “Moreover, investors will be impacted by the possibility of high debt even if it is manageable.”