Spirit Postpones Frontier Merger Vote for Fourth Time
Vote is now set for July 27 >>
by: Harvey Chipkin
Spirit Airlines has postponed a vote on a proposed merger with Frontier Airlines for a fourth time. The vote, which had been scheduled for July 15, is now set for July 27. Spirit’s board of directors reiterated its commitment to the Frontier transaction and strongly recommended that stockholders vote for the merger. JetBlue, which has made a hostile offer for Spirit, issued a statement from CEO Robin Hayes saying the company was encouraged by the significant progress made in its ongoing discussions with Spirit. By moving the Special Meeting again, Hayes said, the Spirit board “is delaying the ability of Spirit shareholders to receive JetBlue’s superior terms.” JetBlue, he said, is now standing ready to enter into a binding merger agreement with Spirit as soon as practicable and at the latest immediately following Spirit shareholders voting against the Frontier transaction on July 27.
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