Frontier asks Spirit Airlines to delay shareholder vote until July 27

This post was originally published on this site

https://i-invdn-com.investing.com/trkd-images/LYNXMPEI6A0H5_L.jpg

“We still remain very far from obtaining approval from Spirit stockholders based on the proxy data we received as of July 8,” Frontier said in a letter dated Sunday.

The request, if accepted, will delay the vote for the fourth time amid the months-long bidding war between JetBlue Airways (NASDAQ:JBLU) Corp and Frontier for the budget carrier.

Last week, Florida-based Spirit postponed the special meeting to July 15 so its board can continue talks with both the suitors.

Spirit had signed a cash-and-stock deal with rival Frontier in February to form a new no-frills airline and compete against big national carriers, but JetBlue Airways Corp gatecrashed the agreement in April.

Since then, JetBlue and Frontier have waged a bidding war. JetBlue’s bid is higher, but Spirit has said U.S. regulators would stop that deal.

Last month, JetBlue included a ticking fee of 10 cents per share in its offer, raising the overall deal value to $34.15 per share.

Frontier’s cash-and-stock offer stood at $24.69 per share as of Friday’s close.

JetBlue declined to comment on Monday.