Why Shares of Spirit Airlines Are Surging This Week
Shares of Spirit Airlines (NYSE: SAVE) rose 12% in the week through the close of trading on Thursday. The move comes in response to JetBlue Airways increasing its offer to buy Spirit for a total consideration of $33.50 per share in cash. JetBlue believes its offer trumps Frontier Airlines' earlier bid, not least as it implies a 67.6% premium to Frontier's offer of $19.99 per share as of June 17.