This is a carousel. Use Next and Previous buttons to navigate
NEW YORK (AP) — Shares of Spirit Airlines rose Thursday after it postponed a vote for the second time on a proposed merger with Frontier Airlines, allowing for a bidding war over the budget airline between Frontier and JetBlue Airways to play out.
The delay, announced hours before the scheduled vote, indicated that Spirit lacked support to approve the Frontier merger.
JetBlue CEO Robin Hayes said Spirit shareholders gave their board a mandate to negotiate a sale to his airline.
But JetBlue investors seemed underwhelmed by the prospect of the New York carrier buying Spirit. They sent shares of JetBlue down 6% Thursday. Spirit rose 4%, and Frontier barely changed.
Florida’s Spirit said the vote on a proposed tie-up with Frontier would be postponed until July 8. Leaders of all three airlines have been making their pitch to major Spirit shareholders for support in a vote that could reshape the market for travelers looking for the cheapest possible fare.
Spirit’s board has stood by a February agreement with Frontier despite pressure from JetBlue.
The vote on the Frontier deal was originally scheduled for June 10, but was postponed nearly three weeks in what analysts took as a sign that Spirit lacked support for the merger in the face of an all-cash offer from JetBlue.
Both sides have sweetened their offers since early June. At current stock prices, the Frontier bid is worth about $22 per share, or $2.4 billion, while JetBlue’s hostile takeover bid is $33.50 per share, or $3.6 billion.
Spirit and Frontier argue that antitrust regulators will prefer their combination of two similar budget airlines and won’t let a bigger carrier like JetBlue buy Spirit. JetBlue says it can win government approval, and it has offered to divest some Spirit assets.
Either deal would create the fifth-largest U.S. airline and a more powerful competitor to giants American, United, Delta and Southwest.
- IPL 2020: Five West Indies players who can trigger bidding war in auction
- Let the Vietnamese spirit soar
- IPL auction 2020: All you need to know: Date, Venue, TV timing, Total players to be sold, Purse available
- The 5 best and worst things about Star Wars Jedi: Fallen Order
- A War In Space: The Banker Who Gambled Everything And Brought Eve's Greatest Empire To Its Knees
- How domestic airlines bleed from flight delays, disruptions, cancellations
- Ryanair cuts planned capacity and jobs, blames 737 MAX delays
- Here’s how miserable 2019 was for the airline industry
- On trade wars China is playing a careful game, but it holds more cards than Trump
- Vietnam Airlines’ direct flights to the U.S. face difficulties
- Star Wars Jedi: Fallen Order skill tree - best skills to get first
- Extended transcript: John Williams on Spielberg, "Star Wars," and the power of music
|Fisher-Price Time To Play Pet Shop - PC4.8★ / $34.58||Fisher-Price Time To Play Dollhouse - PC4.8★ / $54.88||It's Time To Come Out Of Lo-debar5.0★ / $20.06||Chinese pottery and porcelain: an account of the potter's art in China from primitive times to the present day1.0★ / check it now at Amazon||Louisa May's Battle: How the Civil War Led to Little Women$15.33||The Burning Shore: How Hitlers U-Boats Brought World War II to America check it now at Amazon||The Burning Shore: How Hitler’s U-Boats Brought World War II to America (Hardback) - Common check it now at Amazon||The U.S. Army and the Korean War: South to the Naktong, North to the Yalu$49.95||Over There: Living with the U.S. Military Empire from World War Two to the Present$40.37||X-Men: S.W.O.R.D. - No Time to Breathe check it now at Amazon||The Eventful Life of a Dutch Farmer's Son: From Prisoner of War #47211 to Canadian Farmer check it now at Amazon||Dancer Girl M. C.'s Story: One Step at a Time: Read & Play Doll and Book Set (Go! Go! Sports Girls) check it now at Amazon||American Flight Jackets: A History of U.S. Flyers Jackets from World War II to Desert Storm$60.16||The Burning Shore: How Hitler's U-Boats Brought World War II to America check it now at Amazon||Great Military Blunders: History's Worst Battlefield Decisions from Ancient Times to the Present Day$12.39||It'S Time To Play Outside: 101 Ways For Your Young Child To Enjoy Independent Fun Under The Sun. check it now at Amazon||It's Time to Play check it now at Amazon||U. S. Army in the Korean War: South to the Naktong, North to the Yalu [June-November 1950] check it now at Amazon||A Few Good Women: America's Military Women from World War I to the Wars in Iraq and Afghanistan$16.64||101 Ways to Know It's Time to Get Out of Your Mama's House$8.98||The Teacher's Daybook, 2007-2008, Revised Edition: Time to Teach, Time to Learn, Time to Live check it now at Amazon||The Teacher's Daybook, 2006-2007, Revised Edition: Time to Teach, Time to Learn, Time to Live check it now at Amazon||Galileo's Pendulum: From the Rhythm of Time to the Making of Matter check it now at Amazon||The Teacher's Daybook, 2005-2006, Revised Edition: Time to Teach, Time to Learn, Time to Live check it now at Amazon||Woman Marine: A Memoir of a Woman Who Joined the U.S. Marine Corps in World War II to Free a Marine to Fight$4.1||Elijah’s Spirit Returns: Time to Watch Out! check it now at Amazon||Bug Out: What to Do When It's Time to Get Out of Dodge$4.95||Rise & Shine... It's Time to Play! check it now at Amazon||it's time to play cowboys and muslims Military White T-Shirt by CafePress check it now at Amazon||It’s Time to Launch Out, Street Preacher: How to Successfully Launch Out a Street Ministry$20|
Spirit's delay allows airline bidding war time to play out have 934 words, post on www.sfgate.com at June 30, 2022. This is cached page on USA Posts. If you want remove this page, please contact us.