law 401 corpration law

After reading this article, Spirit CEO Says JetBlue Wants to Stop Spirit-Frontier Merger; by David Koenig,

https://apnews.com/article/business-hostile-takeov…

answer this discussion question in 100 words or less, explain why the CEO of Spirit Airlines should not be

sued for breaching his fiduciary duty to his

corporation

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Hostile takeovers
Spirit CEO says JetBlue wants to stop SpiritFrontier merger
By DAVID KOENIG
May 6, 2022
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The CEO of Spirit Airlines suggested
Thursday that JetBlue Airways is more
interested in blocking a merger of
Spirit and Frontier Airlines than it is in
buying Spirit.
Ted Christie provided more details on
why Spirit’s board rebuffed a $3.6
billion buyout offer from JetBlue in
favor of a lower bid from Frontier.
:
Christie said “you don’t need to be an
antitrust attorney” to see that federal
regulators are unlikely to let JetBlue
buy his airline while they are suing to
break up JetBlue’s Northeast
partnership with American Airlines on
anti-competitiveness grounds.
Health
AP Investigations
JetBlue did not immediately comment
on Christie’s remarks.
Spirit announced Monday that its
board unanimously backed Frontier’s
$2.9 billion offer because it is more
likely to win regulatory approval.
JetBlue’s CEO has hinted that his
airline could respond by launching a
hostile takeover effort against Spirit.
ADVERTISEMENT
Learn more
Shares of JetBlue have plunged 25%
since the New York-based airline
announced its bid for Spirit on April 4.
“Despite clear concern from JetBlue’s
shareholders, JetBlue has continued to
pursue disruption to the Spirit-Frontier
combination,” Christie said on Spirit’s
first-quarter conference call. “I had
wondered whether blocking our deal
with Frontier is, in fact, their goal.”
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JetBlue and Frontier are fighting over
:
Spirit because both say it would make
them a stronger competitor against the
nation’s four dominant airlines:
American, Delta, United and
Southwest.
Christie made his comments while
discussing Spirit’s first-quarter results,
which were released after the market
closed Wednesday. Miramar, Floridabased Spirit lost $195 million compared
with a $112 million loss a year earlier.
The loss of $1.60 per share was two
cents per share worse than analysts
forecast.
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