Proxy advisory firm Institutional Shareholder Services Inc (ISS) has urged shareholders of Spirit Airlines Inc to vote for a proposed merger with Frontier Group Holdings Inc .
ISS also said the current offer from Frontier appears preferable as it matches the $2.00 increase in JetBlue's offer price and also provides a higher prepayment of $2.22 per share compared to $1.50 per share from JetBlue.
Denver-based Frontier also increased its reverse termination fee to Spirit by $100 million to $350 million. Florida-based Spirit has repeatedly rejected JetBlue's offer, saying it has a low likelihood of winning approval from U.S. regulators. However, JetBlue has been persistent and said it continued to believe its proposal was superior to Frontier's adding that it will "more thoroughly" review and assess the revised terms of Frontier's proposal.Reporting by Mrinmay Dey in Bengaluru Editing by Alistair Bell
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