JetBlue and Spirit , Terminate Proposed Merger.<br />On March 4, JetBlue and Spirit Airlines <br />announced that a court ruling has blocked <br />the companies' proposed $3.8 billion merger. .<br />On March 4, JetBlue and Spirit Airlines <br />announced that a court ruling has blocked <br />the companies' proposed $3.8 billion merger. .<br />Associated Press reports that JetBlue said the <br />two companies are unlikely to meet the required<br />closing conditions prior to a July 24 deadline.<br />Both companies' CEOs expressed <br />disappointment in canceling <br />the potential deal. .<br />We are proud of the work we <br />did with Spirit to lay out a vision <br />to challenge the status quo, but given <br />the hurdles to closing that remain, <br />we decided together that both airlines’ <br />interests are better served by <br />moving forward independently, Joanna Geraghty, JetBlue CEO, via Associated Press.<br />We are proud of the work we <br />did with Spirit to lay out a vision <br />to challenge the status quo, but given <br />the hurdles to closing that remain, <br />we decided together that both airlines’ <br />interests are better served by <br />moving forward independently, Joanna Geraghty, JetBlue CEO, via Associated Press.<br />We are disappointed we cannot move <br />forward with a deal that would save <br />hundreds of millions for consumers <br />and create a real challenger to the <br />dominant ‘Big 4’ U.S. airlines, Ted Christie, Spirit CEO, via Associated Press.<br />However, we remain confident <br />in our future as a successful <br />independent airline, Ted Christie, Spirit CEO, via Associated Press.<br />AP reports that JetBlue will be required to <br />pay Spirit a termination fee of $69 million.<br />Last year, the Justice Department moved to <br />block the merger, claiming it would reduce <br />competition and drive up costs for consumers.<br />In January, a Boston federal <br />district judge blocked the deal, <br />claiming it would violate antitrust laws. .<br />News of the cancellation drove <br />shares of JetBlue Airways up <br />over 5% in premarket trading.<br />At the same time, news of the <br />abandoned merger caused stock <br />in Spirit to drop over 13%
