Spirit delays shareholder vote as bidding war heats up
Spirit Airlines has postponed the shareholder vote on the proposed sale to Frontier Group Holdings just two days before it the scheduled date.
The June 10 meeting has been pushed back to June 30.
Spirit said it doesn’t believe there is enough shareholder support for the deal with Frontier amid the rival offer from JetBlue Airways.
Spirit management still publically recommends shareholders accept the Frontier bid.
JetBlue upped its offer this week which included an enhanced $350 million break-up fee and upfront payment.
JetBlue’s offer is worth about $3.4 billion.
However, Spirit does not expect regulators will approve the merger with JetBlue.
The postponement gives Spirit Airlines time to engage with shareholders and continue talks with both suitors, it said.
“We welcome this development as a necessary first step toward genuine negotiation between the Spirit board and JetBlue,” JetBlue CEO Robin Hayes said.
“Spirit shareholders are clearly urging the Spirit board to engage with us constructively.”
A deal with either would create the fifth largest US airline.
Ray Monty
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