JetBlue, Spirit Airlines appeal court ruling blocking their proposed merger
By Claudia Assis
Spirit's stock rallies 12% after hours on the news
JetBlue Airways Corp. and Spirit Airlines Inc. said late Friday that they have appealed a court ruling that earlier this week blocked their planned merger.
JetBlue (JBLU) and Spirit (SAVE) announced the appeal in a terse press release that provided no more details, adding only that the process is "consistent with the requirements of the merger agreement."
Wall Street was split on whether the airlines would be legally obliged to appeal the Tuesday ruling, which sided with the Justice Department in saying that a merger between low-cost JetBlue and ultra-low-cost Spirit would hurt competition.
Shares of Spirit rallied 12% in the extended session Friday, while JetBlue shares fell nearly 2%.
-Claudia Assis
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01-19-24 1716ET
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