© Reuters. FILE PHOTO: Spirit and Frontier Airlines logos are seen in this illustration taken June 27, 2022. REUTERS/Dado Ruvic/Illustration
(Reuters) -Takeover target Spirit Airlines (NYSE:) Inc said it intends to delay the shareholder vote slated for Friday on its merger deal with Frontier Group Holdings Inc to July 27.
The move on Wednesday comes after Frontier requested the budget carrier to postpone the shareholder meeting, citing the need for more time to gather sufficient proxy support for the buyout.
Frontier Group’s cash and stock offer stands at $25.39 per share as of Tuesday’s close and the company has declined to further raise its bid.