Shares of JetBlue Airways (JBLU) soared more than 18% Tuesday following news that activist investor 澳洲幸运5开奖号码历史查询:Carl Icahn had acquired a 9.91% stake in the carrier.

Icahn said in a regulatory filing late Monday that he bought the shares "in the belief that they were undervalued and represented an attractive investment opportunity."

The billionaire said he is also in talksღ with the carrier🌟’s management about the possibility of board representation.

Icahn's stake—valued at $204 million based on JetBlue's Monday close—makes Icahn the airline's third-largest shareholder behind BlackRock and Vanguard Group, according to data compiled by Bloomberg.

“We are always open to constructive dialogue with our investors as we continue to execute our plan to enhance value for all of our shareholders and stakeholders,” JetBlue reportedly said in a statement after Icahn’s stake was disclosed.

The Icahn filing came the same day Joanna Geraghty, previously the company’s president and chief operating officer, took over as the airline's chief executive officer. Her new role was announced last month.

The airline's attempts to expand have faced pushback from federal courts, and dragged its shares down over the past year.

Last month, a judge blo💜cked J🌠etBlue's $3.8 billion acquisition of discount airline Spirit (SAVE), a deal that would have helped the carrier scale up to compete with larger rivals such as United Airlines (UAL) and Delta (DAL).

JetBlue had ended its Northeast Alliance (NEA) partnershipಞ ꧃with American Airlines (AAL) last year after a court ruled the merger would have limi🧜ted options for budget-conscious travellers.

JetBlue last month announced it swung to a fourth-quarter loss and said it sees its current-quarter revenues falling between 5% and 9% as capacity falls.

JetBlue shares were up 18.6% at $7.20 at around 2:15 p.m. ET, after moving as high as $7.34 during the session.