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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%
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