https://www.cnbc.com/2022/07/27/spirit-airlines-frontier-terminate-deal-that-was-marred-by-jetblues-rival-bid.htmlSpirit Airlines terminated its merger agreement with Frontier Airlines on Wednesday, months after a rival bid by JetBlue Airways marred the planned tie-up.
The announcement ends a protracted battle over the budget airline known for its bare bones service and low fares. Spirit said it would continue its “ongoing discussions with JetBlue as we pursue the best path forward for Spirit and our stockholders.”
A JetBlue takeover would create the country’s fifth-largest airline. A combined Spirit and Frontier would have also ranked fifth.
Shareholders on Wednesday were set to vote only on the proposed Spirit-Frontier combination, which JetBlue spent weeks urging shareholders to turn down. The New York-based carrier said in a statement that it was pleased the Frontier agreement was terminated and that it is engaged in discussions with Spirit “toward a consensual agreement as soon as possible.”
Thoughts? If wrong board, please move.
