Spirit Airlines shareholder urges board to abandon Frontier merger
Discovery is backing a Spirit merger with JetBlue, while Spirit intends to merge with Frontier
By Yashasvini Razdan
Published - Jul 12, 2022, 05:39 PM ET
Last Updated - Jul 18, 2023, 04:48 PM EDT
Spirit Airlines (NYSE: SAVE) shareholder Discovery Capital sent a letter to the former’s board of directors, requesting them to abandon the merger with Frontier Group Holdings Inc (NASDAQ: ULCC) in favor of a bid from JetBlue Airways Corp (NASDAQ: JBLU).
Discovery owns 1.4% of Spirit. Discovery is backing a Spirit merger with JetBlue, while Spirit intends to merge with Frontier.
"We echo the opinion of Institutional Shareholder Services (ISS) that the JetBlue proposal is more favorable, and we implore SAVE management to abandon the Frontier Merger without delay," Discovery said in a statement.
