Stock Market News

ISS urges Spirit shareholders to vote for Frontier offer

2022.06.26 03:37

2/2
ISS urges Spirit shareholders to vote for Frontier offer
FILE PHOTO: A Spirit Airlines Airbuys A320-200 airplane sits at a gate at the O’Hare Airport in Chicago, Illinois, U.S. October 2, 2014.REUTERS/Jim Young/File Photo

2/2

(Reuters) – Proxy advisory firm Institutional Shareholder Services Inc (ISS) has urged shareholders of Spirit Airlines (NYSE:SAVE) Inc to vote for a proposed merger with Frontier Group Holdings Inc .

“On balance, support for the merger with Frontier on the revised terms is warranted,” the proxy advisory firm said in a report published late Friday and made public on Saturday.

Spirit is the subject of a bidding war between Frontier and JetBlue Airways (NASDAQ:JBLU) Corp.

The proxy advisory firm last month asked Spirit shareholders to reject Frontier’s offer, saying JetBlue’s competing offer of $30 a share is superior from a financial standpoint.

Earlier this month, New York-based JetBlue sweetened its offer for Spirit by $2 to $33.50 per share in cash.

Spirit Airlines on Friday said that Frontier raised its cash offer by $2 per share to buy the airline and urged its shareholders to back a merger deal with Frontier at a meeting next week.

Spirit shareholders are due to vote on the merger deal with Frontier on June 30.

ISS also said the current offer from Frontier appears preferable as it matches the $2.00 increase in JetBlue’s offer price and also provides a higher prepayment of $2.22 per share compared to $1.50 per share from JetBlue.

Denver-based Frontier also increased its reverse termination fee to Spirit by $100 million to $350 million.

Florida-based Spirit has repeatedly rejected JetBlue’s offer, saying it has a low likelihood of winning approval from U.S. regulators.

However, JetBlue has been persistent and said it continued to believe its proposal was superior to Frontier’s adding that it will “more thoroughly” review and assess the revised terms of Frontier’s proposal.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 69,303.57 0.23%
ethereum
Ethereum (ETH) $ 2,483.88 0.61%
tether
Tether (USDT) $ 0.99968 0.20%
bnb
BNB (BNB) $ 564.84 0.83%
solana
Solana (SOL) $ 163.32 1.32%
usd-coin
USDC (USDC) $ 1.00 0.23%
xrp
XRP (XRP) $ 0.509999 1.17%
staked-ether
Lido Staked Ether (STETH) $ 2,482.76 0.71%
dogecoin
Dogecoin (DOGE) $ 0.156808 2.10%
tron
TRON (TRX) $ 0.166229 0.26%
cardano
Cardano (ADA) $ 0.352503 0.17%
the-open-network
Toncoin (TON) $ 4.88 0.11%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,940.09 1.87%
shiba-inu
Shiba Inu (SHIB) $ 0.000017 1.03%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,212.54 0.60%
avalanche-2
Avalanche (AVAX) $ 24.18 2.81%
weth
WETH (WETH) $ 2,485.66 0.71%
chainlink
Chainlink (LINK) $ 11.15 1.40%
bitcoin-cash
Bitcoin Cash (BCH) $ 343.59 0.94%
usds
USDS (USDS) $ 1.00 0.10%
leo-token
LEO Token (LEO) $ 6.08 0.01%
polkadot
Polkadot (DOT) $ 3.85 1.05%
sui
Sui (SUI) $ 1.91 3.56%
litecoin
Litecoin (LTC) $ 69.33 0.61%
near
NEAR Protocol (NEAR) $ 3.87 2.43%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,613.62 0.58%
aptos
Aptos (APT) $ 8.62 1.89%
uniswap
Uniswap (UNI) $ 7.32 6.07%
pepe
Pepe (PEPE) $ 0.000009 3.29%
internet-computer
Internet Computer (ICP) $ 7.64 2.39%
dai
Dai (DAI) $ 0.999758 0.10%
bittensor
Bittensor (TAO) $ 439.70 4.45%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.17 5.62%
monero
Monero (XMR) $ 154.94 0.81%
kaspa
Kaspa (KAS) $ 0.112368 4.15%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
stellar
Stellar (XLM) $ 0.091858 0.66%
whitebit
WhiteBIT Coin (WBT) $ 18.93 0.15%
ethereum-classic
Ethereum Classic (ETC) $ 18.06 2.52%
first-digital-usd
First Digital USD (FDUSD) $ 0.999136 0.79%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.313052 0.73%
blockstack
Stacks (STX) $ 1.57 1.24%
okb
OKB (OKB) $ 37.77 1.23%
dogwifcoin
dogwifhat (WIF) $ 2.13 6.99%
aave
Aave (AAVE) $ 137.55 2.61%
filecoin
Filecoin (FIL) $ 3.42 1.24%
arbitrum
Arbitrum (ARB) $ 0.508916 2.70%
crypto-com-chain
Cronos (CRO) $ 0.072556 0.14%
mantle
Mantle (MNT) $ 0.569158 1.11%
celestia
Celestia (TIA) $ 4.63 0.78%