Spirit Airlines gains after holder vote on Frontier deal postponed until July 8

Jun. 30, 2022 7:28 AM ETSpirit Airlines, Inc. (SAVE), ULCC, JBLUBy: Joshua Fineman, SA News Editor74 Comments

Spirit Airlines Jet

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  • Spirit Airlines (NYSE:SAVE) rose 1.9% in premarket trading after it postponed its shareholder vote on its planned sale to Frontier (NASDAQ:ULCC) as the company continues to battle with rival suitor Jetblue (NASDAQ:JBLU). Frontier fell 2.6% and Jetblue dropped 3%.
  • The shareholder vote was postponed from Thursday until July 8, the second time the vote has been postponed, according to a statement on Wednesday evening.
  • The latest postponement comes after Spirit (SAVE) on Tuesday again rejected a sweetened bid from JetBlue (JBLU). Jetblue in its latest offer added a ticking fee and increased a proposed reverse breakup fee. In the new offer, JBLU increased accelerated prepayment to $2.50 per share, structured as a cash dividend.
  • Bloomberg reported Tuesday that Spirit Airlines (SAVE) holder TIG Advisors indicated it plans to vote against its proposed offer. In a letter seen by Bloomberg, the firm stated its belief that the JetBlue (JBLU) offer is “far superior."

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