A shareholder meeting will be held less than 24 hours before the proposed merger with Frontier Group Holdings Inc. is scheduled to take place in the near future, and the company needs more time to talk with Frontier and rival JetBlue Airways Corp., according to Bloomberg- Spirit Airlines Inc.
The airline said late Wednesday that Spirit, which re-set the meeting for July 8, will continue to solicit shareholder proxies for the ballot. The airline's fifth attempt to woo Spirit came a day after it rejected an improved $3.7 billion all-cash offer from JetBlue.
Spirit had earlier delayed the shareholder vote, earlier in June. Frontier's stock- and- cash offer is valued at $2.6 billion.
Both suitors are counting on a Spirit acquisition to provide a quick infusion of growth as domestic leisure travel surges. A Frontier-Spirit combination would create the nation's largest deep fare discounter, placing it just behind the top four US carriers by domestic passenger traffic. JetBlue has said that Spirit would be a better competitor to bigger rivals and will make it a better competitor to bigger rivals.
Spirit stockholders who haven't already voted or wish to change their vote are strongly encouraged to submit their proxies as soon as possible, the statement said. It said that no voting will occur at the Thursday meeting, which will be opened and then immediately adjourned.
After normal business hours, representatives for Frontier and JetBlue weren't available for comment.
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