Spirit Airlines calls off a Thursday reckoning on Frontier’s bid.

On the eve of a planned shareholder meeting on an acquisition by Frontier Airlines, Spirit Airlines said Wednesday evening that it was putting off the vote and would continue to talk to both Frontier and a rival suitor, JetBlue. The postponement, until July 8, was a stunning turn in a battle that analysts say could reshape the airline sector. The decision is a blow to the leaders of Frontier and Spirit, budget carriers that want to combine so they can more effectively compete with the nation’s four dominant airlines. The Frontier stock-and-cash proposal values Spirit at roughly $2.4b, while JetBlue’s all-cash offer totals about $3.6b. There are also competing carrots to investors, like how much the rivals would pay shareholders if regulators blocked the deal — $350m in the case of Spirit and $400m in the case of JetBlue. “This says both marriage proposals are attractive,” said Samuel Engel, a senior VP and airline industry analyst at ICF, a consulting firm. “They want to see what the maximum dowry is that they can get.” Frontier did not immediately reply to a request for comment on Spirit’s announcement. JetBlue’s CE, Robin Hayes, celebrated the postponement, the second time that Spirit has pushed off a shareholder vote on the transaction. “It’s clear that Spirit shareholders have now handed the Spirit board an undeniable mandate to reach an agreement with JetBlue,” Hayes said. Frontier argues that despite its offer’s lower nominal value, the share portion allows Spirit investors to further benefit should shares of the combined company climb. It has also attacked JetBlue’s bid as less likely to win regulatory approval. JetBlue contends that both bids are likely to be scrutinized.<br/>