JetBlue Makes $3.3 Billion Hostile Spirit Bid After Rebuff (1)

JetBlue Airways Corp. made a hostile $3.3 billion cash bid for Spirit Airlines Inc., appealing directly to shareholders in an effort to block the discount carrier’s agreed takeover by Frontier Group Holdings Inc.

The JetBlue offer is worth $30 a share, $3 less than its initial approach, which was spurned by Spirit’s board two weeks ago. The New York-based company said it will pay the higher price should a “consensual transaction” be agreed.

JetBlue also said in a statement Monday that Spirit management’s proposed deal with Frontier, which includes stock, is “high risk and low value,” urging investors to ...