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ISS said Spirit investors would be better off rejecting that deal in order to prod the airline’s board to negotiate more seriously with JetBlue Airways Corp. JBLU -0.92% , which has launched a competing, hostile bid that ISS said is financially superior. Spirit in February agreed to be acquired by Frontier in a cash-and-stock transaction originally valued at $2.9 billion, a deal that would combine the two budget carriers. JetBlue later emerged with a $3.6 billion cash…

JetBlue JBLU 5.01% Airways Corp. plans to launch a hostile takeover attempt for discount carrier Spirit SAVE 3.85% Airlines Inc., according to people familiar with the matter, after Spirit rejected JetBlue’s $3.6 billion offer in favor of an existing deal with Frontier Airlines. ULCC 4.56% JetBlue plans to appeal directly to…