Spirit Airlines has announced that it postponed its Special Meeting of Stockholders from June 10, relating to the proposed merger agreement with Frontier Group Holdings, until June 30, 2022 at 9 AM ET.
The Special Meeting was postponed to allow the Spirit Board of Directors to continue discussions with Spirit stockholders, Frontier and JetBlue Airways Corporation after the latter has made a counter-offer and now offers to pay Spirit’s stockholders US$350 million as a reverse break-up fee should its takeover be blocked on antitrust grounds by U.S. regulators.
Spirit remains bound by the terms of the merger agreement with Frontier and Spirit’s Board has not determined that either JetBlue’s unsolicited tender offer or its updated proposal received on June 6 constitutes a superior proposal as defined in the merger agreement with Frontier and has made no change to its recommendation that Spirit stockholders adopt the merger agreement with Frontier.
