Spirit shareholders urged by proxy firm to reject Frontier

Spirit Airlines Inc. shareholders should reject a pending takeover deal with Frontier Group Holdings Inc. as a signal to the board to engage more with rival suitor JetBlue Airways Corp. over its competing bid, a prominent shareholder-advisory firm said.

While both deals have inherent regulatory risks, the offer from JetBlue is superior from a financial standpoint, Institutional Shareholder Services Inc. said in a report Tuesday. Spirit rejected JetBlue’s $3.6 billion original offer this month, prompting it to launch a hostile $3.3 billion tender bid.

The report could give new life to JetBlue’s effort to capture growth it can’t otherwise attain, using a merger to create a more viable

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