Sam Boughedda

Investing.com — Spirit Airlines Inc (NYSE:) announced Monday afternoon that it intends to advise its stockholders of the board’s formal position regarding the JetBlue Airways (NASDAQ:) tender offer within ten business days.

JetBlue launched a hostile takeover attempt against the company following the rejection of a prior proposal by the carrier. Frontier Group Holdings Inc (NASDAQ:).

JetBlue made an offer unannounced to buy all of Spirit’s common stock at $30/share in cash. Spirit shareholders were urged to oppose the Frontier Airlines agreement.

Spirit indicated that JetBlue’s offer will be reviewed by Spirit to decide which course of action is best.

Spirit stated in a statement that Spirit would inform its stockholders within 10 business days of the formal board position on the JetBlue tender offer. 

Spirit shares gained 12.9% Monday