jetblue
New York (AFP) - JetBlue and Spirit Airlines formally pulled the plug Monday on their merger, about six weeks after a federal judge ruled it violated US antitrust law. The companies had positioned JetBlue's $3.8 billion purchase of Spirit as beneficial to consumers, but a federal judge in January sided with the US Justice Department, which had argued that the removal of the no-frills Spirit would lead to higher fares. The companies decided after concluding that, given the legal situation, they were unlikely to meet the merger's deadline of July 24, 2024. JetBlue will pay Spirit $69 million as ...
AFP
ValueWalk
Washington (AFP) - A US federal judge on Tuesday ruled against JetBlue's $3.8 billion takeover of low-cost carrier Spirit Airlines, saying that the deal would reduce competition. The decision comes after the US Justice Department last year sued to block the merger, noting the combination would hurt consumers and violate antitrust law. Spirit Airlines shares ended the day 47.1 percent down following the announcement, while JetBlue closed 4.9 percent higher. Both companies pushed back against the decision in a joint statement, saying they disagreed with the ruling by District Court Judge William...
AFP
Eight people have been hospitalized as a result of severe turbulence on a JetBlue flight. JetBlue flight 1256, which flew from Guayaquil, Ecuador, to Fort Lauderdale-Hollywood International Airport, experienced heavy turbulence when it neared its Florida destination. The plane managed to land safely and was immediately met by medical personnel after touching down. According to JetBlue, seven customers and one inflight crewmember were then taken to the hospital for evaluation and treatment. It is not known of the severity of the injuries. JetBlue has also taken out the aircraft of service for i...
uInterview.com
Key Points JetBlue Airlines has reported its second quarter 2023 earnings results, sending the stock plummeting as investors may be misrepresenting the potential future developments in the company.As management pivots the company’s business model into one better suited for the industry’s volatility, investors have a new reason to disregard today’s sell-off. A pending transaction may be a significant catalyst pushing the financials and the stock price higher.Thanks to management initiatives and this technical factor, expanding margins can make the perfect storm for investors to consider a poten...
ValueWalk
New York (AFP) - The US Justice Department on Tuesday sued to block a $3.8 billion JetBlue-Spirit airline merger, saying that the combination would harm consumers and violate antitrust law. The suit puts in jeopardy a transaction that JetBlue has characterized as consumer-friendly because it would create a stronger competitor to the "Big Four" carriers that dominate the United States market. "This merger will limit choices and drive up ticket prices for passengers across the country," Attorney General Merrick Garland said at a news conference, adding that the deal "will be particularly harmful...
AFP
New York (AFP) - JetBlue Airways plans to acquire low-price carrier Spirit Airlines for $3.8 billion, the companies announced Thursday, in what would establish the fifth largest US airline. The proposed takeover, which requires regulatory approval, comes a day after Spirit terminated a combination with the Frontier Group following JetBlue's competing bid challenging the transaction. By combining, the companies will be able to challenge giant US carriers American, Delta, United and Southwest. They expect $600-$700 million in annual savings by joining forces, said a joint press release from Spir...
AFP
New York (AFP) - After months of back-and-forth, Spirit Airlines announced Wednesday that it was breaking off a merger with Frontier Group, opening the door to a possible takeover by JetBlue. The Spirit-Frontier deal, announced in February, was thrown into doubt in early April when JetBlue Airways unveiled its own takeover bid and subsequently launched a hostile takeover bid as smaller carriers try to gain scale to take on the biggest US airlines. Spirit officials continued to back the Frontier deal, in part due to concerns that the JetBlue offer might face difficulty with antitrust authoritie...
AFP
Spirit Airlines Incorporated (NYSE:SAVE) has rejected JetBlue Airways Corporation (NASDAQ:JBLU)’s acquisition offer and says it will stick to its February deal with Frontier Group Holdings Inc (NASDAQ:ULCC). Antitrust issues are said to play a role in the turndown. Regulatory ConcernsQ1 2022 hedge fund letters, conferences and more In a letter addressed to JetBlue, Spirit said: “We believe a combination of JetBlue and Spirit has a low probability of receiving antitrust clearance so long as JetBlue's Northeast Alliance with American Airlines Group Inc (NASDAQ:AAL) remains in existence.” “Given ...
ValueWalk
New York (AFP) - JetBlue Airways announced Tuesday a bid to acquire Spirit Airlines for $3.6 billion, setting up a bidding war with Frontier Airlines in the discount flying market. The all-cash bid of $33 a share marks a 52 percent premium of Spirit's price prior to its February 7 announcement of the deal with Frontier, according to JetBlue. "JetBlue firmly believes its proposal constitutes a 'superior proposal' under Spirit's merger agreement with Frontier and represents the most attractive opportunity for Spirit's shareholders," JetBlue said. Spirit confirmed receipt of the "unsolicited" pro...
AFP
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