JetBlue Airways Corp. is vying to buy Spirit Airlines Inc. for roughly $3.6 billion, challenging rival Frontier Airlines in its efforts to buy the ultralow-cost airline. JetBlue offered to buy Spirit in an all-cash transaction for $33 a share, Spirit said Tuesday, describing the offer as an unsolicited bid. In February, Frontier Group Holdings Inc., another ultra-low-cost carrier, had announced a deal to buy Spirit for $2.9 billion in cash and stock to transform the two discounters into the fifth-largest U.S. airline.

Discuss the regulatory environment for airline industry consolidation activity. Why is JetBlue interested in acquiring Spirit? What are the terms of Jet Blue's offer for Spirit, and how do they compare to Frontier's? In your opinion, will it be a successful deal?