NEW YORK (AP) — JetBlue Airways warned that it may end its bid to acquire low-cost carrier Spirit Airlines as soon as this weekend after a federal judge blocked the deal, sending Spirit shares sharply lower Friday.
“Spirit believes there is no basis for terminating the Merger Agreement," Spirit wrote.
Both JetBlue and Spirit have struggled financially and have been slower than some other airlines to recover from the pandemic.
Since the start of 2020, JetBlue has lost $2.1 billion, and Spirit has lost $1.7 billion.
Spirit tried to merge with Frontier Airlines, another low-cost carrier, in early 2022, but JetBlue won a bidding war to push Frontier aside.
Persons:
JetBlue's, “, Spirit
Organizations:
— JetBlue Airways, Spirit Airlines, JetBlue, Justice Department, Justice, Spirit Airlines Inc, JetBlue Airways Corp, Spirit, Airbus, Pratt & Whitney, Frontier Airlines
Locations:
Miramar , Florida, New York, U.S, Delta, United