(Reuters) – Spirit Airlines Inc has delayed to June 30 a shareholder meeting to vote on its proposed merger with Frontier Group Holdings Inc.
The airline was originally set to vote on the deal on June 10 and the change comes two days after JetBlue Airways Corp improved its buyout offer for Spirit.
Below are the key events in the takeover saga:
Date Development
Feb. 7 Frontier makes a cash-and-stock offer of $25.83/share for Spirit
Airlines
Feb. 8 Lawyers from the U.S. Justice Department say Spirit and Frontier’s
merger to create the fifth-largest airline in the country would
face close scrutiny
March 10 Several public advocacy groups call on U.S. regulators to block
Frontier’s bid for Spirit
April 5 JetBlue makes an unsolicited $3.6 billion, or $33/share, all-cash
bid for Spirit
April 6 JetBlue mounts a vigorous defense of its unsolicited $3.6 billion
bid for Spirit, adding that it is “highly confident” of securing
regulatory approval
April 7 Spirit says that it would enter into discussions with JetBlue on
its $3.6-billion offer as it could likely lead to a “superior
proposal” to the one from Frontier
May 2 Spirit rejects JetBlue’s $33/share offer, saying it had a low
likelihood of winning regulatory approval
May 10 Head of Sun Country Airlines throws his backing behind potential
merger in the ultra-low-cost airline sector
May 11 Spirit says it will hold a shareholder meeting on June 10 for a
vote on its proposed merger with Frontier
May 16 JetBlue makes hostile all-cash takeover offer of $30/share and adds
it was ready to “negotiate in good faith a consensual transaction
at $33″
May 19 Spirit Airlines urges shareholders to reject the hostile offer from
JetBlue, saying it was “a cynical attempt to disrupt” its merger
with Frontier
May 31 Proxy advisory firm ISS urges Spirit shareholders to vote against a
proposed merger with Frontier
June 2 Frontier agrees to pay a break-up fee of $250 million in a bid to
salvage its $2.9 billion acquisition of Spirit Airlines
June 3 Shareholder advisory firm Glass Lewis recommends Spirit Airlines
investors approve Frontier Group’s $2.9 billion takeover bid,
saying it was the “best available” at this time.
June 6 JetBlue sweetens its takeover bid for Spirit by offering $31.50 per
share in cash, comprising $30 per share at deal close and the
prepayment of $1.50 per share of the reverse break-up fee.
June 8 Spirit Airlines delays to June 30 a shareholder meeting to vote on
its proposed merger with Frontier.
(Reporting by Nathan Gomes and Kannaki Deka in Bengaluru; Editing by Shounak Dasgupta, Anil D’Silva and Sriraj Kalluvila)
