Search Travel Market Report

algv HPTO
algv
mainlogo
www.travelmarketreport.com
  • News
  • Tours & Packages
  • Cruise
  • Hotels & Resorts
  • Destinations
  • Retail Strategies
  • Niche & Luxury
  • Well-Being Travel
  • Training & Events
  • Who We Are
    • Anne Marie Moebes
    • Brian Israel
    • Dan McCarthy
    • Denise Caiazzo
    • Dori Saltzman
    • Kelly Fontenelle
algv

Spirit Delays Vote on Potential Frontier Merger to June 30

by Daniel McCarthy / June 08, 2022
Spirit Airlines Frontier JetBlue Merger Future Vote

Spirit's future won't be decided until June 30. Photo: Greg K__ca / Shutterstock.com


Spirit shareholders won’t get their say on the potential merger with Frontier Airlines until at least June 30.

Spirit on Wednesday morning filed with the Securities and Exchange Commission (SEC) to postpone its June 10 special meeting until June 30. Spirit said it was delaying the vote “to allow the Spirit Board of Directors to continue discussions with Spirit stockholders, Frontier Group Holdings, and JetBlue Airways Corporation.”

The airline will now keep voting open for all those who were Spirit stockholders as of May 6, 2022, until that special meeting. It continues to encourage its stockholders to vote electronically on the future of the airline. Voting will be closed at the end of the day on June 29.

Spirit’s Board of Directors has long affirmed that it preferred the Frontier deal, largely because of expected regulatory issues that could happen with JetBlue. The Board said that despite JetBlue offering a deal that it says is a 51% premium to Frontier’s offer as of June 3 and about a 52% premium to Spirit’s share price.

JetBlue most recently sweetened that deal, adding a $350 million reverse break-up fee, an increase of $150 million compared to its previous offer, and an increase of $100 million compared to Frontier’s offer. It also included a prepayment of $1.50 per share of that reverse breakup fee, which, when added to the previous $30 per share offer, made the deal worth an aggregate of $31.50.

JetBlue CEO Robin Hayes recently went on record about those regulatory concerns, explaining that both deals offer similar regulatory issues, making JetBlue’s higher-valued offer, and larger break-up fee, the better choice.

“This offer reflects the seriousness of our commitment and underscores our confidence in completing this transaction. Additionally, given the similar regulatory risks of the two transactions and the increased reverse break-up fee we are prepared to provide, we believe our Improved Proposal remains a Superior Proposal by any measure,” Hayes wrote.

“Our Improved Proposal represents a compelling opportunity for your stockholders to receive a significant premium in cash, with greater value and certainty, and a higher reverse break-up fee than the inferior transaction with Frontier,” Hayes added.

  2
  0
alg HPTO
Related Articles
Frontier Airlines Launches All-You-Can-Fly Summer Pass Called GoWild!
Spirit Airlines Will Fly from Charleston to Three Different Cities Starting in April 2023
JetBlue and American Airlines Expand Northeast Alliance with 11 New Nonstops
Four Major Changes from JetBlue’s TrueBlue Loyalty Overhaul
JetBlue Will Launch New York to Paris Service Next Summer
JetBlue CEO: ‘No Signs of Slowing Demand’ for Travel
Spirit Airlines Launches First Idaho Flight
JetBlue Airways Reaches to Deal to Buy Spirit Airlines
Spirit Officially Delays Vote on Frontier Merger to July 27
Lacking Votes, Frontier Asks for Another Delay for Spirit Merger Approval

MOST VIEWED

  1. All U.S. Flights Grounded Due to FAA Computer Outage
  2. Norwegian Cruise Line Brings Back COVID-19 Requirements
  3. Delta Air Lines Will Offer Free Wi-Fi Starting on Feb. 1
  4. Forbes Says ‘You Need a Travel Advisor in 2023’
  5. What’s New in Travel Agent FAM Trips
  6. Cruise Ducks: A Cruising Tradition Travel Advisors Should Know About

MOST EMAILED

  1. Forbes Says ‘You Need a Travel Advisor in 2023’
  2. Here Are the Automatic & Suggested Gratuity Policies for Each Major Cruise Line
  3. All U.S. Flights Grounded Due to FAA Computer Outage
  4. Delta Air Lines Will Offer Free Wi-Fi Starting on Feb. 1
  5. Tour Operators & Advisors Forced to Cancel Trips as Peru Shuts Down Machu Picchu
  6. Cruise Ducks: A Cruising Tradition Travel Advisors Should Know About
TMR THIS WEEK
Sponsored by Explora Journeys
//services.travelsavers.com/AMGService.svc/REST/GetImage?ImageID=790a5703-649e-ed11-9b4d-005056a855ed&Width=350&Height&250

Selling Savory Cruise Experiences to Foodie Clients

With the boundaries of food and beverage programs being pushed across nearly every sector of cruising, the interest of clients in culinary experiences is also piquing.

Read More...
alg
TMR Subscription

Subscribe today to receive daily in-depth coverage, analysis of industry news, trends and issues that affect how you do business. Subscribe now for free.

Subscribe to TMR

Top Stories
FAA Closes Three U.S. Airports Over National Security Risk
FAA Closes Three U.S. Airports Over National Security Risk

The airports are all along the Carolina coastline. 

Read...
Princess Cruises Unveils Public Spaces Onboard Sun Princess
Princess Cruises Unveils Public Spaces Onboard Sun Princess

A three-deck main dining room will be among the new spaces cruisers will find onboard Sun Princess. 

Read...
Regent Seven Seas Cruises Floats Out Seven Seas Grandeur
Regent Seven Seas Cruises Floats Out Seven Seas Grandeur

The 746-passenger Seven Seas Grandeur is scheduled to set sail in November 2023. 

Read...
Trade at Forefront of Ken Muskat's Plans for Scenic & Emerald Cruises
Trade at Forefront of Ken Muskat's Plans for Scenic & Emerald Cruises

"Our owners on depending on this market [North America] to be the largest market for Scenic and Emerald..."

Read...
Watch Southwest Airlines Get the Saturday Night Live Treatment
Watch Southwest Airlines Get the Saturday Night Live Treatment

The skit aired this past Saturday. 

Read...
Hurtigruten Offers 2-for-1 Deal on Galapagos Sailings
Hurtigruten Offers 2-for-1 Deal on Galapagos Sailings

Bookings must be made and deposited by February 15, 2023. 

Read...
TMR OUTLOOKS & WHITE PAPERS
river cruise 2022
group outlook 2022
lux cruise outlook
CP White Paper
Multi-Gen Outlook
River Cruise Outlook 2019
View All
Advertiser's Voice
Celebrate National Don’t Plan for Vacation Day with Delta Vacations
About Travel Market Report Mission Staff Advisory Board Advertise
TMR Resources Webinars Calendar of Events Outlook/Whitepapers Previous Sponsored Articles Previous This Week Articles
Subscribe to TMR
Select Language
Do You Have an Idea Email
editor@travelmarketreport.com
Give Us a Call
1-(516) 730-3097
Drop Us a Note
Travel Market Report
71 Audrey Ave, Oyster Bay, NY 11771
News |Tours & Packages |Cruise |Hotels & Resorts |Destinations |Retail Strategies |Niche & Luxury |Well-Being Travel |Training & Events |Who We Are
© 2005 - 2023 Travel Market Report, an American Marketing Group Inc. Company All Rights Reserved | 243 South Street, Oyster Bay, NY, 11771 USA | Telephone (516) 730-3097| Terms and Conditions
Cookie Policy Privacy Policy