Spirit Airlines has pushed back a shareholder vote on a deal with Frontier Airlines once again to continue negotiations with JetBlue.
The vote was previously scheduled for July 8, 2022. This is the third time that the vote has been postponed. It has now been pushed back to July 15.
Spirit is continuing deal talks with both Frontier and JetBlue, both of which have been trying to acquire the airline.
In light of the delayed vote, JetBlue released a statement:
"We are encouraged by our discussions with Spirit and are hopeful they now recognize that Spirit shareholders have indicated their clear, overwhelming preference for an agreement with JetBlue," said Robin Hayes, chief executive officer. "We strongly recommend that Spirit shareholders continue to let the Spirit Board know they want to receive the superior value JetBlue has proposed, by voting against the Frontier transaction."
While JetBlue keeps sweetening the deal for Spirit, Spirit's board of directors has rejected JetBlue's offers, noting the possibility that the deal wouldn't be signed off on by regulators. JetBlue has pushed back and said that both deals will garner the scrutiny of regulators.
For its part, Frontier has also sweetened its offer to Spirit, raising the cash portion to approximately $4.13 per share.
JetBlue's all-cash offer currently values Spirit at around $3.6 million, and Frontier has a cash and stock proposal that puts the value of the airline at approximately $2.4 billion.
The original Spirit-Frontier deal was jointly announced in February but the deal was countered by JetBlue.
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