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Frontier Airlines still ‘very far’ from shareholder backing for Spirit merger
Frontier Airlines is struggling to convince enough Spirit Airlines shareholders with its current bid for the low cost airline.
Frontier Airlines is asking for another delay in a shareholder vote.
The shareholder vote has already been pushed back three times.
Frontier CEO Barry Biffle said his airline is ‘very far’ from getting approval by enough Spirit shareholders, amid a more attractive offer from JetBlue Airways.
This is despite Spirit’s board recommending the Frontier bid.
The Spirit board has backed Frontier as it believes JetBlue won’t get anti-trust clearance.
Frontier is holding firm and says it won’t improve its offer.
“However, we still remain very far from obtaining approval from Spirit stockholders based on the proxy data we received as of July 8,” Biffle wrote to Spirit CEO Ted Christie.
Biffle asked for another delay in the vote, until the end of July.
Frontier is offering about $2.7 billion, significantly less than the JetBlue bid.
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