Spirit Airlines soars 22% as JetBlue launches hostile takeover bid to break up deal with Frontier

• Spirit Airlines soared as much as 22% early Monday after JetBlue initiated a hostile takeover.
• JetBlue is offering $30 a share to sway Spirit shareholders away from a merger with Frontier Airlines.

Spirit Airlines soared as much as 22% early Monday after JetBlue initiated a hostile takeover amid a bidding war with Frontier Airlines.

JetBlue sent a letter to Spirit shareholders, offering $30 per share, but also said its earlier offer of $33 a share is still on the table if Spirit management negotiates. The tender offer is due to commence Monday and stay open until June 30.

Spirit stock pared gains to 10% at $18.70, while JetBlue was down 1.6% anf Frontier rose 4%.

In April, JetBlue made an all-cash $3.6 billion offer for the low-cost airline, after Spirit and Frontier reached a $2.9 billion cash-and-stock deal in February.

Spirit is set to hold a vote on the proposed merger with Frontier at its June 10 shareholder meeting. JetBlue added that the April deal fell short after Spirit demanded a higher breakup fee .

JetBlue said it would operate Spirit under the JetBlue banner, helping New York's "hometown airline" grow from its current position as the sixth largest carrier airline in the US.