I assume you mean a hostile takeover. With ~353m shares outstanding you’d need to purchase 177m. Getting that many shares without sending the price much higher would be difficult if buying on the open market.

Submitting a merger offer to the JBLU BOD at $3/share would absolutely be rejected because it is reasonable to expect a higher price in the future with their turn around plans.

Sometimes the market panics and stock prices get crushed.