Frontier Group Holdings Inc.
said it still needs more time to garner support for its bid to merge with Spirit Airlines Inc.
and asked for Spirit’s shareholder vote on the deal to be pushed back once again.
Frontier Chief Executive Barry Biffle said in a letter dated Sunday to Spirit CEO Ted Christie that the latest data indicates that Frontier and Spirit are “very far” from obtaining shareholder approval for their merger. Frontier believes it will need more time to win shareholder approval of the deal, Mr. Biffle said, as rival JetBlue Airways Corp.
mounts a rival offer for Spirit.
Mr. Biffle asked that Spirit delay the shareholder vote to July 27 if Spirit hasn’t received enough votes in favor of the Frontier deal by July 15. He said Frontier’s latest offer for Spirit late last month was its “last, best and final” offer.
Spirit didn’t immediately respond to a request for comment. If Spirit agrees to push back the vote, currently slated for July 15, it will be the fourth time Spirit has put off the shareholder referendum on its planned sale to Frontier, which was first announced in February.
Shares of Frontier, JetBlue and Spirit all slipped at least 2% in morning trading amid a broad market decline.
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