JetBlue initiates hostile takeover for Spirit Airlines

JetBlue Airways has answered the buyout rejection from Spirit Airlines' board with a hostile takeover maneuver. The New York-based carrier (Nasdaq: JBLU), in competition with the parent of Frontier Airlines, has urged the Miramar company's (NYSE: SAVE) shareholders to vote against the rival deal. The vote is scheduled to take place June 10. JetBlue says its bid for Spirit is now $30 a share through an already fully financed proposal to acquire all stock directly from shareholders in what's known…