Spirit Airlines stock up more than 22% afer report of JetBlue bid

Shares of Spirit Airlines Inc. SAVE, +22.42% jumped more than 22% before being halted near the close Tuesday after The New York Times reported that JetBlue Airways Corp. JBLU, -7.08% has made a $3.6 billion bid for the ultra-low cost carrier. The report cited three people with knowledge about the offer. Spirit and also ultra low-cost Frontier Group Holdings Inc. ULCC, +3.92% announced a merger in February, a deal that would create the U.S.’s largest budget airline. According to the Times report, JetBlue offered Spirit’s shareholders $33 a share.