SAVE - JetBlue Spirit Airlines Merger Blocked: Spirit Shares Tumble | Benzinga
A federal judge has blocked the acquisition of Spirit Airlines, Inc. (NYSE:SAVE) by JetBlue Airways Corporation (NASDAQ:JBLU) in a victory for the Justice Department which fought aggressively to block the deal, saying that the deal would raise the cost of airfare and reduce the number of flights available. Shares of Spirit Airlines tumbled following the court’s decision.
What Happened:
JetBlue had proposed a $3.8 billion purchase of Spirit, which would have resulted in the fifth-largest U.S. airline, a move that ...