JetBlue Airways planes are seen near Spirit Airlines planes at the Fort Lauderdale-Hollywood International Airport in Fort Lauderdale, Florida, on May 16, 2022.Shares of Spirit Airlines fell about 23% Wednesday, its second day of double-digit losses, after a judge blocked its proposed merger with JetBlue Airways.Spirit is down roughly 60% since the decision blocking its $3.8 billion acquisition by JetBlue was handed down Tuesday, citing reduced competition. The combination would have created the country's f ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

A federal judge’s decision to block JetBlue Airways Corp.’s proposed $3.8 billion acquisition of Spirit Airlines Inc. is a good outcome for JetBlue, according to J.P. Morgan. “In our minds, this represents the cleanest possible outcome for equity holders; it frees JetBlue from a costly merger we believe management and the Board were no longer wed to (unless at a markedly reduced price, a complex scenario not easily achieved, in our view),” J.P. Morgan analyst Jamie Baker, wrote in a note released Tuesday. “ ...

JetBlue Airways may have lost its court battle with the Justice Department over the proposed merger with Spirit Airlines, but it’s not such a bad outcome for the low-cost carrier all things considered. ...

About this content About Andrew Kessel Andrew is a financial journalist with experience covering public companies in a wide breadth of industries, including tech, medicine, cryptocurrency, mining and retail. In addition to Proactive, he has been published in a Financial Times-owned newsletter covering broker-dealer firms and in the Columbia Misourian newspaper as the lead reporter focused on higher education. He got his start with an internship at Rolling Stone magazine.  Read more About the publisher Pr ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: A US judge has blocked JetBlue's acquisition of Spirit Airlines. 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 combi ...

A federal judge has blocked the proposed $3.8 billion acquisition of Spirit Airlines (SAVE -45.43%) by JetBlue Airways (JBLU 7.16%), sending both carriers back to the drawing board to pursue growth. JetBlue's options as a stand-alone look rosier than Spirit's, with investors sending Spirit shares down more than 50% while JetBlue stock was in the green Tuesday afternoon.Competitive concerns resonate in courtJetBlue and Spirit have been a turbulent match from the beginning. In 2022, Spirit had agreed to be ac ...

Key TakeawaysSpirit Airlines stock was down about 50% in afternoon trading after a judge blocked a planned merger with JetBlue.The U.S. Department of Justice had sued to block the deal, saying it would stifle competition and hurt consumers.Judge William Young said "cost-conscious" travelers would suffer if the deal went through.Spirit Airlines (SAVE) shares dumped more than 50% on Tuesday after a judge blocked its proposed merger with rival JetBlue (JBLU).JetBlue’s planned $3.8 billion acquisition of discou ...

A federal judge on Tuesday blocked JetBlue Airways’ proposed $3.8 billion acquisition of budget carrier Spirit Airlines, agreeing with the Justice Department that the deal would hurt the availability of low-cost air travel tickets. U.S. District Judge William Young wrote that the proposed merger "does violence to the core principle of antitrust law: to protect the United States’ markets – and its market participants – from anticompetitive harm."Spirit’s stock plunged on the news, falling more than 51% durin ...

A federal judge on Tuesday blocked JetBlue Airways’ planned $3.8bn acquisition of ultra-low cost carrier Spirit Airlines after agreeing with the US justice department the deal would reduce the availability of low-priced air tickets.The ruling by William Young in Boston marked a victory for the Biden administration in its efforts to preserve competition among the lowest cost airlines to ensure that air travel remains affordable for more US consumers and raised doubts about another recently proposed deal.Youn ...