{"id":203010,"date":"2024-03-04T10:30:00","date_gmt":"2024-03-04T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=203010"},"modified":"2024-03-05T11:30:03","modified_gmt":"2024-03-05T16:30:03","slug":"jetblue-spirit-airlines-scrap-3-8b-merger-agreement","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/jetblue-spirit-airlines-scrap-3-8b-merger-agreement\/","title":{"rendered":"JetBlue, Spirit Airlines Scrap $3.8B Merger Agreement"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-zinger-key-points\">ZINGER KEY POINTS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>JetBlue and Spirit have reached an agreement to terminate their July 2022 merger agreement.<\/li>\n\n\n\n<li>JetBlue shares traded higher, while Spirit shares tumbled on the announcement.<\/li>\n<\/ul>\n\n\n\n<p><strong>JetBlue Airways Corp<\/strong>\u00a0shares are trading higher Monday after the company announced a termination of its agreement with\u00a0<strong>Spirit Airlines Inc<\/strong>. Spirit shares were halted on the news before\u00a0<a href=\"https:\/\/www.benzinga.com\/pressreleases\/24\/03\/b37454424\/jetblue-announces-termination-of-merger-agreement-with-spirit\" target=\"_blank\" rel=\"noreferrer noopener\">trading significantly lower<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-to-know\"><strong>What To Know:<\/strong>\u00a0<\/h2>\n\n\n\n<p>JetBlue and Spirit have reached an agreement to terminate their July 2022 merger agreement. Both companies continue to believe in the procompetitive benefits of the combination, but said all conditions were unlikely to be met by the merger agreement\u2019s outside date of July 24.<\/p>\n\n\n\n<p>\u201cWe believed this merger was worth pursuing because it would have unleashed a national low-fare, high-value competitor to the Big Four airlines,\u201d said&nbsp;<strong>Joanna Geraghty<\/strong>, CEO of JetBlue.<\/p>\n\n\n\n<p>\u201cWe are proud of the work we did with Spirit to lay out a vision to challenge the status quo, but given the hurdles to closing that remain, we decided together that both airlines\u2019 interests are better served by moving forward independently.\u201d<\/p>\n\n\n\n<p>JetBlue will pay Spirit\u00a0$69 million. The termination resolves all outstanding matters related to the transaction.<\/p>\n\n\n\n<p>JetBlue noted that it has identified multiple near-term revenue initiatives for 2024 that it expects to deliver over $300 million in revenue benefits. The company said it also remains on track to deliver&nbsp;$175 million to $200 million in cost savings from its structural cost program and&nbsp;$75 million&nbsp;in maintenance savings from its fleet modernization.<\/p>\n\n\n\n<p>JetBlue will hold an Investor Day on May 30 to provide additional detail on its long-term strategy and ongoing revenue and cost initiatives.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-jblu-price-action\"><strong>JBLU Price Action:<\/strong>\u00a0<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.benzinga.com\/quote\/JBLU\" target=\"_blank\" rel=\"noreferrer noopener\">JetBlue shares<\/a>\u00a0were up 5.1% at $6.80 following the announcement, according to\u00a0<a href=\"https:\/\/pro.benzinga.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Benzinga Pro<\/a>. Spirit shares were down 14.1% at $5.55 at the time of publication.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted March 4, 2024 &#8211; <a href=\"https:\/\/www.benzinga.com\/news\/24\/03\/37455281\/jetblue-spirit-airlines-shares-are-moving-monday-whats-going-on\">JetBlue, Spirit Airlines Scrap $3.8B Merger Agreement<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JetBlue and Spirit have reached an agreement to terminate their July 2022 merger agreement.<\/p>\n","protected":false},"author":810,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[11521,1772,2300,10943],"contributors-categories":[13584],"class_list":{"0":"post-203010","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-north-america","7":"category-region","8":"category-securities","9":"category-stocks","10":"category-text-articles","11":"category-traders-insight","12":"tag-jetblue","13":"tag-ma-2","14":"tag-mergers","15":"tag-spirit-airlines","16":"contributors-categories-benzinga"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>JetBlue, Spirit Airlines 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