(MENAFN– ValueWalk)
Spirit Airlines Incorporated (NYSE:SAVE) rose 244 ranks to the 90th spot most held security by retail investors that have linked their portfolio with Fintel ahead of the upcoming special June 30 shareholder meeting to determine which of several suitors will buy the company.
The meeting was initially created to vote on a Frontier Group (NASDAQ:ULCC) but got postponed and to consider a rival bid to allow the Spirit Board to continue discussions with shareholders, Frontier and JetBlue Airways (NASDAQ:JBLU).
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Q1 2022 hedge fund letters, conferences and more
London Quality-Growth Investor Conference: Royalty Pharma’s Growth Opportunity
Martin Hermann, a senior portfolio manager at Berenberg since October 2017 responsible for the Berenberg Global Focus, took to the stage at the new London Quality-Growth Investor Conference earlier this week to highlight one of his favorite ideas in the current market. The Global Focus fund is a high-conviction fund that runs a focused portfolio Read More
The meeting on the 30th will likely determine the share price direction in the medium term with possible upside if the JetBlue offer succeeds .
The chart below illustrates the jump in retail investor activity since the beginning of June:
Spirit grabbed headlines in Feb. when it revealed the Frontier merger plans it valued at $2.9 billion and said would create another $500 million of synergies.
In April, The New York Times reported JetBlue (US:JBLU) offered $33 a share for Spirit. That’s a 40% premium to Frontier’s current bid.
The rivalry continued through May as the three way dialogue produced Sprit’s board’s decision to go with Frontier’s deal, saying Jetblue’s proposal was not…