Spirit Airlines (NYSE:SAVE) will reportedly postpone a shareholder vote for Friday for its sale to Frontier (NASDAQ:ULCC) so it can continue discussions with JetBlue (NASDAQ:JBLU). It’s the third time a shareholder vote has been delayed.
The Spirit (SAVE) holder vote is expected to be delayed several days to allow Spirit and JetBlue (JBLU) more time to reach to come to an agreement, according to a Reuters report, which cited sources familiar.
The latest delayed vote comes after Spirit (SAVE) last Wednesday announced it was delaying its planned holder vote until this Friday as the company continues to battle with rival suitor JetBlue (JBLU).
Last week’s postponed vote followed Spirit (SAVE) on rejecting 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 last 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.”