WASHINGTON (dpa-AFX) - JetBlue Airways Corp. (JBLU) on Tuesday welcomed the recent public support in favor of its clearly superior offer to acquire Spirit Airlines Inc. (SAVE).
JetBlue said it has received support from independent proxy advisory firm Institutional Shareholder Services (ISS) and major Spirit shareholder TIG Advisors.
ISS said clients may find the modified JetBlue proposal 'preferable' to the Frontier Airlines, Inc. (FRNT) offer for Spirit and may therefore choose to vote AGAINST the inferior Frontier transaction at Spirit's upcoming special meeting.
TIG Advisors publicly declared that it will vote AGAINST the Frontier merger at the Spirit special meeting.
Further, JetBlue added that by entering into a revised merger agreement with Frontier less than a week before the special shareholder meeting, the Spirit Board has given ISS, and all shareholders, little time to weigh the improved proposals.
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