Spirit Airlines agreed to push its shareholder vote on the Frontier deal again in order to give the airline more time to garner support from Spirit shareholders.
Spirit, the nation’s largest budget carrier, announced Wednesday that it will postpone Friday’s vote to July 27 after Frontier CEO Barry Biffle expressed concerns in a letter addressed to Spirit CEO Ted Christie and general counsel Thomas Canfield, which was made public Monday.
In the letter, Biffle said the company’s “offer delivers significantly greater value to Spirit stockholders” compared to the offer from rival bidder JetBlue. Still, he admitted that the company remains “very far” from obtaining approval from Spirit stockholders and asked for “additional time to solicit additional voting proxies in favor of the transaction.”
This marks the fourth time the meeting has been postponed, giving Spirit more time to weigh Frontier’s deal to combine both budget carriers and JetBlue’s higher-priced buyout offer.