Big Law
Spirit Airlines Pushes the Frontier Vote Back to July 27
Spirit Airlines Inc said on Wednesday it intends to delay the shareholder vote on its merger deal with Frontier Group Holdings Inc to July 27 as the latter seeks more time to drum up proxy support for its buyout bid.
“We still remain very far from obtaining approval from Spirit stockholders based on the proxy data we received as of July 8,” Frontier Chief Executive Barry Biffle said in a letter to Spirit.
Spirit signed a cash-and-stock deal with rival Frontier in February to form a new no-frills airline and compete against big national carriers. In April, JetBlue Airways Corp jumped into the fray with an all-cash offer.
