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Spirit Airlines, a bidding war target, postpones buyout vote
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FLE - A line of Spirit Airlines jets sit on the tarmac at the Orlando International Airport on May 20, 2020, in Orlando, Fla. The bidding war over Spirit Airlines continues, with JetBlue raising its offer for the discount carrier just days after Frontier boosted its bid. Spirit shareholders are also scheduled to vote Friday on Frontier's offer. JetBlue said Monday, June 6, 2022 that it would now provide a $350 million reverse break-up payable to Spirit if a deal between the two isn't completed for antitrust reasons. - photo by AP Photo/Chris O'Meara, File
Spirit Airlines, the target of a budget airline bidding war, is postponing a Friday shareholder vote on whether to accept one of those buyout offers after a flurry of counter proposals from JetBlue and Frontier Airlines. The Miramar, Florida, carrier had scheduled a special shareholders meeting at the end of the week asking investors to sign off on what has been its preferred offer, from Colorado's Frontier Airlines. JetBlue has offered more money than Frontier, but Spirit has rejected those bids saying that any such tie-up would faces a greater likelihood of being shot down by federal regulators.