Spirit shareholders should approve Frontier deal

Spirit Airlines investors approve Frontier Group Holdings Inc’s $2.9 billion takeover bid, saying it was the “best available” at this time

The report, which helps guide investors on how to vote on the proposed merger, comes only hours after Frontier said it agreed

to a break-up fee as part of a revised deal the companies hope Spirit shareholders will support.

“We believe the Frontier Merger Consideration provides Spirit shareholders with a fairly compelling valuation and premium for their Spirit shares, on balance,”

the report said, adding Glass Lewis believed the revised deal terms should offer “added protection” against potential regulatory risk.

JetBlue Airways Corp is trying to muscle in on the deal with a hostile $3.3 billion offer that Spirit has rejected

Glass Lewis wrote that JetBlue had not made a “sufficiently compelling case to warrant overriding the board’s determination”

JetBlue said it disagrees with the Glass Lewis recommendation and said the conclusion “rests on a remarkably superficial regulatory analysis.”

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