The bidding war on Spirit Airlines shows why “stakeholder capitalism” is a hard sell for investors.
On Wednesday, US carriers Shareholder meeting scheduled for Friday postponed That would have included a vote on a takeover bid by its rival Frontier Airlines. Spirit’s board of directors maintains a strong preference for this merger, which seems like a perfect cultural fit over the rival proposed by JetBlue Airways. But the board’s latest move reflects the hesitation that shareholders cannot place equal value on non-economic factors.