Jun 28, 2022
Spirit Airlines Holder TIG to Vote Against Frontier Takeover Bid
Bloomberg News
,(Bloomberg) -- Spirit Airlines Inc. investor TIG Advisors LLC plans to vote against a proposed takeover of the discount carrier by Frontier Group Holdings Inc.
TIG believes Spirit should instead pursue a rival takeover offer from JetBlue Airways Corp., it said in a letter to Spirit’s board Tuesday seen by Bloomberg News.
“We believe JetBlue’s acquisition proposal is the far superior outcome for Spirit and its shareholders, given its all-cash bid eliminates execution risk and maximizes certainty of value,” TIG wrote.
JetBlue on Monday raised its all-cash bid for Spirit yet again ahead of a crucial shareholder vote on a takeover on Thursday. TIG owns about 2 million shares in Spirit.
Representatives for Spirit and Frontier couldn’t immediately be reached for comment.
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