Spirit Airlines shareholders approve JetBlue buyout
Spirit Airlines stockholders appear to have approved the acquisition from rival JetBlue Airways Corp. in a deal that would create the nation's fifth-largest carrier. On Wednesday, Miramar-based Spirit said holders of more than 50% of the outstanding shares of its common stock have voted in favor of the $3.
8 billion transaction. Should the agreement secure regulatory approvals, the deal would be expected to close by the first half of 2024. The final results of the shareholder vote will be filed with the U.S. Securities and Exchange Commission at a later date. "This is an important step forward on our path to closing a combination that will create the most compelling national low-fare challenger to the dominant U.S. carriers," Spirit CEO Ted Christie said."We look forward to continuing our ongoing discussions with regulators as we work toward completing the transaction and delivering value to team members, guests and stockholders." While many shareholders support the JetBlue-Spirit combination, Spirit is facing shareholder backlash, stating in a recent SEC filing that it has received complaints regarding the deal, and that additional lawsuits related to the merger could be filed in the future. On Oct. 12, the company received a stockholder demand letter accusing the company of filing incomplete and misleading proxy statements with the SEC in relation to the acquisition. Spirit says the allegations are without merit, but made additional disclosures to the SEC without admitting or denying liability, including that during negotiations with New York-based JetBlue , no commitments were made for the continued employment of Christie or any other Spirit senior manager. Earlier this year, JetBlue outmaneuvered Denver-based Frontier Airlines in a hostile takeover attempt to buy the local company. JetBlue says its deal would make it a stronger competitor compared to larger carriers such as American Airlines , United Airlines , Delta Air Lines and Southwest Airlines .local airline will need approval from the U.S. Department of Justice, plus other regulators.
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