ISS, Leading Proxy Advisor, Formally Recommends Spirit Shareholders Vote Against Frontier Transaction
NEW YORK–(BUSINESS WIRE) –JetBlue issued the following statement regarding the revised recommendation issued by Institutional Shareholder Services (“ISS”), a leading proxy advisory firm:
«We are pleased that ISS chose to formally update its recommendation to Spirit shareholders to vote AGAINST the Frontier transaction. ISS concluded:
The provisions of the JetBlue proposal … appear more favorable for Spirit shareholders than the best-and-final merger terms from Frontier. Additionally, the present value of the JetBlue consideration exceeds the present value of the Frontier merger, and market volatility has made the certainty of value of JetBlue’s cash more attractive, relative to the potential upside of the Frontier deal. … In light of these considerations, the proposal from JetBlue appears to represent a superior alternative. Shareholders are therefore recommended to vote AGAINST the proposed merger with Frontier.
We remain confident that Spirit shareholders continue to overwhelmingly recognize the clear superiority of our proposal, and strongly encourage them to vote AGAINST the Frontier transaction.»
