Republic Airways said it has reached a non-binding deal to sell its Frontier unit, sparking a rise in its shares.Chief executive Bryan Bedford said the terms require certain conditions to be met to reach a binding agreement and complete the potential sale. Republic did not identify the buyer but referred to it as a third party."If a binding sales agreement is reached... we currently would expect such a closing to occur late in the third quarter," Bedford said during an earnings conference call.Indianapolis-based Republic, which operates regional carriers Republic Airlines and Chautauqua Airlines, has been looking to divest itself of Frontier since late 2011. It bought Frontier out of bankruptcy in 2009.Bedford said the exclusivity period with the potential buyer goes beyond Republic's current annual meeting date of August 13. The company later said the meeting was rescheduled for September 17. Source: Reuters
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