Shares of Spirit Airlines jumped 20% after news that JetBlue made an offer

Spirit Airlines aircraft on the airfield at Fort Lauderdale-Hollywood International Airport on February 7, 2022 in Fort Lauderdale, Florida.

Joe Radle | Getty Images

Shares of Spirit Airlines rose more than 22% on Tuesday after reports that JetBlue Airways made a bid to buy the low-cost carrier.

Spirit trading was halted before the market closed. His shares were worth $26.93.

JetBlue’s application reportedly New York Times, comes less than two months after Spirit and budget rival Frontier Airlines agreed to merge into a behemoth discount airline. The newspaper quotes three people with knowledge of the matter.

JetBlue, Spirit and Frontier did not immediately comment on CNBC.

New York-based JetBlue offered $3.6 billion for Spirit, about 40% more than Frontier’s cash and stock offer in February, according to the Times.

JetBlue shares fell about 7%.

Spirit and Frontier fly exclusively on Airbus A320 family aircraft. They make up the majority of JetBlue’s fleet, which will reduce costs and logistical challenges when merging carriers.

This is the latest news. Please stay tuned for updates.

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