From CNBC:

JetBlue Airways and Spirit Airlines have called off their merger agreement after losing an antitrust lawsuit that sought to block the deal, which would stifle competition and eliminate Spirit as a budget alternative. Spirit shares dropped 17%, while JetBlue’s rose 4% in premarket trading. JetBlue’s takeover bid for Spirit aimed to shake up the industry, but faced legal obstacles from regulators.

JetBlue’s purchase of Spirit would have helped the struggling airline facing grounding of Airbus planes due to engine defects. Spirit is now focused on resolving financial issues alone, with plans to refinance debt and regain profitability. The terminated agreement includes JetBlue paying $69 million to Spirit, highlighting the failed merger’s financial repercussions.



Read more at CNBC: JetBlue-Spirit Airlines merger called off