Spirit Airlines Delays Merger Vote to June 30

Spirit Airlines shareholders have another 20 days to decide whether they support a merger with Frontier Airlines or prefer a hostile, but potentially more lucrative if it's approved by regulators, takeover by JetBlue Airways. The vote was previously scheduled for Friday, June 10.

Florida-based Spirit said Wednesday that the delay to June 30 allowed the airline's board to "continue discussions" with shareholders, Frontier, and JetBlue.

On Monday, JetBlue improved its offer to Spirit shareholders by more than $150 million to an all-cash $3.4 billion. Frontier is offering shareholders the equivalent to $2.9 billion in cash and stock.

Whoever Spirit decides to merge with, Frontier or JetBlue, will become the fifth largest U.S. carrier after American Airlines, Delta Air Lines, Southwest Airlines, and United Airlines.