KEY POINTS
- JetBlue Airways and Spirit Airlines on Monday said they are ending their agreement to merge.
- The CEOs of JetBlue and Spirit cited regulatory hurdles in ending their merger agreement.
- Spirit will receive $69 million from the deal termination its CEO said.
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Judge blocks $3.8B JetBlue-Spirit merger, cites 'anticompetitive harm
Spirit’s stock plunged on the news, falling as much as 55% during trading Tuesday afternoon before closing down 47%. Dow Jones Market Data group noted that Spirit’s stock neared all-time lows after the ruling and experienced its largest percentage decrease on record.
Spirit will most likely go bankrupt now while the big boy airlines pick through their carcass and scoop up assets for pennies on the dollar invariably lessening competition.
I think this judge was full of shit and most likely well compensated 💰 💴 💵
