19 January 2024, 7:39 am 1 minute
Reuters exclusively reported that Spirit Airlines was pressing JetBlue Airways to appeal a decision by a federal judge to block the tie-up between the sixth and seventh largest U.S. airlines. Spirit told JetBlue that their deal contract required them to exhaust legal options to complete their deal, and that they should appeal the judge’s ruling, sources told Reuters. JetBlue said subsequently that it would file the appeal together with Spirit, in accordance with the requirements of their merger agreement.
Spirit’s shares have lost more than 60% of their value since U.S. District Judge William Young ruled on Tuesday that the company’s $3.8 billion sale to JetBlue should not proceed, siding with antitrust regulators who argued the deal would lead to higher fares for passengers.
Topics of Interest: DealsGovernment
Type: Reuters Best
Sectors: Mergers & Acquisition
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story