Home » Markets » Spirit postpones Frontier deal vote to end of July
Spirit postpones Frontier deal vote to end of July
FOX Business Flash top headlines for July 13
Check out what’s clicking on FoxBusiness.com.
Spirit Airlines agreed to push its shareholder vote on the Frontier deal again in order to give the airline more time to garner support from Spirit shareholders.
Spirit, the nation's largest budget carrier, announced Wednesday that it will postpone Friday's vote to July 27 after Frontier CEO Barry Biffle expressed concerns in a letter addressed to Spirit CEO Ted Christie and general counsel Thomas Canfield, which was made public Monday.
SPIRIT AIRLINES INC.
FRONTIER GROUP HOLDINGS
JETBLUE AIRWAYS CORP.
In the letter, Biffle said the company's "offer delivers significantly greater value to Spirit stockholders" compared to the offer from rival bidder JetBlue. Still, he admitted that the company remains "very far" from obtaining approval from Spirit stockholders and asked for "additional time to solicit additional voting proxies in favor of the transaction."
FRONTIER AIRLINES ASKS SPIRIT TO DELAY SHAREHOLDER VOTE, SAYS NOT ENOUGH VOTES
MarketsComments Off on Spirit postpones Frontier deal vote to end of July