UPDATE 1-Spirit board rejects JetBlue takeover offer on antitrust risks

By Reuters

Ultra low cost carrier Spirit Airlines on Monday rejected JetBlue Airways Corp's $33-per-share takeover offer, saying it had a low likelihood of winning approval from government regulators. JetBlue responded by enhancing its offer – but not its $33 per share price – and promising a $200 million reverse break-up fee – or $1.80 per Spirit share – if the deal does not go through for antitrust reasons. JetBlue's offer is significantly higher than the current $22.44 per share value of the cash and stock bid from Frontier made in February.

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