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“We still remain very far from obtaining approval from Spirit stockholders based on the proxy data we received as of July 8,” Frontier Chief Executive Barry Biffle said in a letter to Spirit.
Spirit signed a cash-and-stock deal with rival Frontier in February to form a new no-frills airline and compete against big national carriers. In April, JetBlue Airways (NASDAQ:JBLU) Corp jumped into the fray with an all-cash offer.
Frontier Group’s cash-and-stock offer stands at $25.39 per share. The company, which has declined to further raise its bid, did not immediately respond to a Reuters request for comment.
JetBlue and Frontier have been fighting to seal a deal, which would expand their domestic footprints and create the fifth largest U.S. airline.
On Tuesday, Spirit shareholder Discovery (NASDAQ:WBD) Capital Management LLC urged the low-cost carrier to abandon its merger with Frontier in favor of a bid from JetBlue.
If the vote is postponed it will be the fourth time it would have been delayed. It was pushed back for a third time to July 15 to give Spirit and JetBlue time to finalize a deal, sources told Reuters, requesting anonymity as the discussions are confidential.
