NEW: The DOJ has filed an antitrust lawsuit to block JetBlue's planned $3.8 billion takeover of Spirit Airlines, alleging the merger would raise ticket prices and lessen options for travelers.
JetBlue's takeover bid includes a $400 million break-up fee that would be paid to Spirit shareholders if the deal is ultimately blocked by regulators.This shouldn't be too much of a shock, given skyrocketing air travel costs and the fact that JetBlue already is theThe companies had offered certain concessions to gain antitrust approval, including the divestiture of Spirit operations at airports in Newark and Boston.
Investors have been expecting this deal to fail. JetBlue's $33.50 per share bid represents a 105% premium to where Spirit shares closed trading on Monday.Axios on facebook
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