Spirit Airlines has once again delayed a shareholder vote on its merger agreement with Frontier.
The special meeting, which was slated for July 8, formally opened at 11 a.m. Eastern time and was immediately adjourned until the same time next Friday, July 15.
Spirit said the delay would allow its board to continue discussions with Frontier as well as JetBlue, which has encouraged Spirit investors to reject a Frontier merger in favor of its own purchase offer.
JetBlue has offered to buy Spirit for a $33.50 per share in cash.
Frontier would acquire the airline for $4.13 per share in cash and provide Spirit investors with 1.9126 shares of Frontier stock for every share they hold in Spirit — an offer worth $19.72 per share as of Friday’s opening bell on Wall Street.
The Spirit board has endorsed Frontier’s lower-value offer, saying that a JetBlue purchase would have little chance of being approved by Justice Department antitrust regulators.
Friday marks the third time Spirit has delayed the proxy vote.
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