{"id":23194,"date":"2022-06-08T17:35:31","date_gmt":"2022-06-08T17:35:31","guid":{"rendered":"https:\/\/www.nsemgh.com\/?p=23194"},"modified":"2026-07-10T02:58:38","modified_gmt":"2026-07-10T02:58:38","slug":"spirit-airlines-a-bidding-war-target-postpones-buyout-vote","status":"publish","type":"post","link":"https:\/\/www.nsemgh.com\/2022\/06\/08\/spirit-airlines-a-bidding-war-target-postpones-buyout-vote\/","title":{"rendered":"Spirit Airlines, a bidding war target, postpones buyout vote"},"content":{"rendered":"<div class=\"Article\" data-key=\"article\">\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">Spirit Airlines, the target of a budget airline bidding war, is postponing a Friday shareholder vote on whether to accept one of those buyout offers after a flurry of counter proposals from Frontier Airlines and JetBlue Airways.<\/p>\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">Spirit said Wednesday that it rescheduled the vote on its preferred offer, from Frontier, until June 30, giving its board another three weeks to speak with Frontier, JetBlue, and its own shareholders.<\/p>\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">The decision to postpone the vote comes two days after JetBlue improved its offer. JetBlue said Wednesday that it welcomed the delay \u201cas a necessary first step toward genuine negotiations between the Spirit Board and JetBlue.\u201d<\/p>\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">Frontier did not comment immediately.<\/p>\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">JetBlue has offered more in cash than Colorado-based Frontier\u2019s stock and cash bid, but Spirit\u2019s board has rebuffed JetBlue, saying that any such tie-up would face a greater likelihood of being shot down by federal antitrust regulators.<\/p>\n<div class=\"Component-dfp-0-2-321\">\n<div class=\"Component-placeholderWrapper-0-2-25\">\n<div id=\"div-gpt-ad_site_article_midarticle1\" class=\"DFPSlot Component-ad-0-2-21\" data-key=\"ad-placeholder\" data-google-query-id=\"CLTYkJuxnvgCFVBHHQkdl5YCHA\">\n<div id=\"google_ads_iframe_15786418\/APNews\/site\/article\/midarticle1_1__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">The bidding war for Miramar, Florida-based Spirit has heated up in the past few days, with JetBlue attempting to allay concerns that the U.S. would block its acquisition.<\/p>\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">The New York airline on Monday offered a $350 million reverse break-up fee payable to Spirit if a deal between the two isn\u2019t completed for antitrust reasons, topping its previous contingency plan by $150 million.<\/p>\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">Last month, JetBlue went hostile in its attempt to buy Spirit, taking its offer directly to shareholders of the airline. Spirit CEO Ted Christie has said that JetBlue is more interested in breaking up a deal with Frontier than it is in owning Spirit.<\/p>\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">Both JetBlue and Frontier say growing by acquiring Spirit would help them compete against the nation\u2019s four dominant airlines: American, Delta, United and Southwest.<\/p>\n<p class=\"Component-root-0-2-327 Component-p-0-2-317\">Shares of Frontier fell 3%, and JetBlue and Spirit dipped 2% in midday trading Wednesday.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Spirit Airlines, the target of a budget airline bidding war, is postponing a Friday shareholder vote on whether to accept one of those buyout offers after a flurry of counter proposals from Frontier Airlines and JetBlue Airways. Spirit said Wednesday that it rescheduled the vote on its preferred offer, from Frontier, until June 30, giving [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":23195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61],"tags":[10494,11353,5249,7331,8580,539,7076,5321,7073,7074,5814,8000,990,11973,6808,11259,7072,6327,13307,7077,9262,5251],"class_list":["post-23194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-airline","tag-airlines","tag-budget","tag-cash","tag-colorado","tag-delay","tag-delta","tag-florida","tag-frontier-airlines","tag-jetblue-airways","tag-june-30","tag-negotiations","tag-new-york","tag-one","tag-shares","tag-shot","tag-spirit-airlines","tag-stock","tag-trading","tag-united-and-southwest","tag-united-states","tag-war"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/23194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=23194"}],"version-history":[{"count":1,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/23194\/revisions"}],"predecessor-version":[{"id":52293,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/23194\/revisions\/52293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/23195"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=23194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=23194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=23194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}