Spirit

US Judge Blocks $3.8 Billion Merger: Spirit Airlines Stock Plummets, JetBlue Shares Sink

by

Miami, Florida – Shares of Spirit Airlines, an ultra-low-cost carrier, dropped 10% in premarket trade on Wednesday following a U.S. judge’s decision to block the airline’s $3.8 billion merger with rival JetBlue Airways. The judge agreed with the U.S. Department of Justice’s argument that the merger would harm ticket buyers, causing Spirit’s stock to lose nearly half of its market value. Meanwhile, JetBlue shares also fell by 1.3% before the bell, in line with other airline stocks. This ruling is seen as a favorable outcome for JetBlue, as Spirit’s business performance has declined since the … Read more

Federal Judge Halts jetBlue’s Acquisition of Spirit Airlines: Key Details Revealed

by

San Francisco, California – A federal judge has invalidated a deal that would have allowed jetBlue to acquire Spirit Airlines, causing disruption in the airline industry. The ruling came as a major setback for jetBlue’s expansion plans and has raised concerns about the future of the deal. The case was brought to the court by several parties, including the Department of Justice, who argued that the proposed acquisition would result in reduced competition and higher fares for passengers. The judge agreed with their argument and concluded that the deal would violate antitrust laws. The decision … Read more

Federal Judge Rejects JetBlue’s $3.8 Billion Takeover of Spirit Airlines, Citing Anti-Competitive Concerns

by

BOSTON, US – JetBlue’s $3.8 billion plan to acquire Spirit Airlines has been dealt a major blow as a federal judge ruled against the merger on Tuesday. The decision comes after the US Justice Department, in a bid to protect competition and prevent consumer harm, filed a lawsuit last year to block the deal. Following the announcement, Spirit Airlines shares plummeted by 50.1 percent, while JetBlue saw a 5.0 percent increase in its stock value. In a joint statement, both companies expressed their disagreement with the ruling by District Court Judge William Young in Boston. … Read more