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Spirit postpones shareholder merger vote to continue negotiations with Frontier JetBlue again

Fort Lauderdale, Fort Lauderdale, Florida, February 7, 2022-A Spirit Airlines plane on the tarmac at Hollywood International Airport.

Joe Ladle | Getty Images

Spirit Airlines Delayed shareholder vote on Wednesday’s proposed merger Frontier Airlines Further discussions on options with frontier and rival suitors will be available until July 8th, hours before the upcoming meeting on Thursday. JetBlue Airlines..

This is the second time Spirit has postponed voting for a planned combination with Frontier and has expanded the most. Battle of controversy For US airlines in a few years.

Spirit initially scheduled Thursday’s vote on June 10th, but postponed it for the same reason.

Both Frontier and JetBlue increased their offers in the week before the scheduled vote was approaching.

Frontier and spirit First announced Their intention to merge in February. In April, JetBlue paid full cash. Surprise bidding Because of Spirit, but Spirit’s board repeatedly rejected JetBlue’s offer, arguing that JetBlue’s acquisition would not go through a rally with regulatory agencies.

Both combinations create the fifth largest carrier in the United States.

JetBlue rebelled against the spirit and said it did not negotiate in good faith, causing a language war between airlines competing for shareholder support prior to voting.

Frontier and JetBlue did not immediately comment on the postponed vote.

Spirit’s share rose about 2% in after-hours trading, while Frontier rose more than 1% and JetBlue fell 1%.

Spirit postpones shareholder merger vote to continue negotiations with Frontier JetBlue again

Source link Spirit postpones shareholder merger vote to continue negotiations with Frontier JetBlue again

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