Spirit Airlines Delays Shareholder Vote

Spirit Airlines Inc has postponed its scheduled shareholder meeting on its proposed merger with Frontier Group Holdings Inc as it evaluates a competitive bid from JetBlue Airways Corp.

Spirit said on Wednesday that the scheduled meeting was postponed to June 30th, giving more time to talk to both bidders and their shareholders. Spirit proceeded to sell to rival low-cost carrier Frontier, which initially agreed to buy the Spirit in cash and stock transactions worth $2.9 billion in February.

Voting was delayed as JetBlue pushed aggressively to convince spirit investors to oppose the Frontier merger. Both bidders add or raise exit fees to pay to the spirit if regulatory agencies block transactions in an attempt to convince investors or consulting firms that many of them rely on to make decisions on these issues. 

Voting was postponed as JetBlue aggressively urged spirit investors to oppose the Frontier merger. Both bidders add or increase the exit fees paid to the spirit when regulatory agencies block transactions to persuade investors and advisory firms.