Дата: 09-06-22 09:58

Spirit Airlines postpones Frontier vote after latest offer from JetBlue

Spirit Airlines (S64) (SAVE) has postponed a shareholder meeting regarding its proposed buyout by Frontier Group after receiving the latest counteroffer from JetBlue Airways. The meeting had been due to take place on June 10, 2022. 

According to the latest update from Spirit Airlines (S64) (SAVE), announced on June 8, 2022, voting is delayed until June 30, 2022.  

The decision to postpone the vote comes after JetBlue (JBLU), which aims to stop a potential merger between Spirit and Frontier Airlines, improved its offer. 

“The Special Meeting was postponed allowing the Spirit Board of Directors to continue discussions with Spirit stockholders, Frontier and JetBlue Airways,” Spirit announced in its latest statement. 

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JetBlue (JBLU), which issued its improved proposal on June 6, 2022, has offered to pay Spirit’s shareholders USD 31.50 per share in cash, including USD 30 at deal close and USD 1.50 at prepayment. This is compared to USD 30 per share under the initial proposal. JetBlue (JBLU) also boosted its reverse break-up fee from an initial USD 200 million to USD 350 million, which the airline will pay to Spirit’s shareholders if a deal between the two isn’t completed for antitrust reasons.  

Meanwhile, Frontier Group has offered USD 250 million in reverse break-up fees. 

The meeting, during which Spirit’s shareholders will vote for or against a merger with Frontier Group, the parent company of American ultra-low-cost carrier Frontier, was initially scheduled to take place on May 10, 2022. However, the vote was moved to June 10, 2022. At the time, Spirit reaffirmed its initial position and continued to favor Frontier’s proposal.  

Источник информации: AeroTime

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