The Clap
Spirit Airlines has postponed (again) its shareholder meeting which was set to vote on the Frontier & Jetblue offers.
Backstory
A bidding war has been brewing over Spirit for some time, & Spirit’s shareholders were initially supposed to hold a meeting on June 10, 2022, to vote.
The Deets
Now, Spirit’s shareholder meeting has been postponed to July 8, 2022, after it was scheduled to be held today, June 30, 2022.
Why this matters
The postponement suggests that Spirit’s board, which wants shareholders to vote in favor of Frontier’s offer, doesn’t believe enough votes are on its side. It seems JetBlue’s financially superior offer is doing its job of persuading Spirit shareholders away from Frontier.
