The JetBlue-Spirit Trial Concludes – Merger Arbitrage Mondays

Key Highlights

• JetBlue-Spirit trial ends with the judge seeking more divestitures.
• AbbVie to acquire Cerevel Therapeutics Holdings for $45 per share in cash.
• Macy’s receives a $21 per share buyout bid valued at $5.8 billion.

Spirit Airlines Inc. (SAVE) $14.55

Market Cap: $1.59 billion

Enterprise Value: $7.26 billion

The Justice Department, along with six U.S. states and the District of Columbia, filed a lawsuit in March contesting the acquisition of Spirit Airlines (SAVE) by JetBlue Airways (JBLU) on grounds of potential harm to competition. While the trial’s commencement faced a delay, it eventually started on October 31, and on December 5, attorneys representing each party presented their concluding arguments.

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