Frontier Group Holdings Inc. said Monday its offer for Spirit Airlines Inc. is its “last, best and final offer,” and said it will not be making any further modifications to the financial terms. In a letter to Spirit management, Frontier CEO Barry Biffle said he continues to believe that the counteroffer from JetBlue Airways Corp. is “less attractive” than the Frontier proposal. The airline called on Spirit to again postpone its shareholder meeting to July 27 from July 15, to give it more time to solicit additional votes in favor of the transaction. It would be the fourth time Spirit has delayed the vote, if it agrees to change the date. The vote was initially scheduled for June 10, before being pushed back to June 30 and then to July 8 and July 15. “We remain committed to this transaction,” the executive wrote. “However, should the Spirit Board of Directors conclude that it would instead desire to pursue an alternative transaction with JetBlue, we would appreciate being advised of that determination. Further, should this be the determination of the Spirit Board, we would be prepared to consider waiving our “match” right with respect to the Latest JetBlue Acquisition Proposal under appropriate circumstances.” Spirit shares were down 1.6% premarket, while Frontier was up 2.4%.
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