{
  "docId": "019de072-c3e2-70bb-a7ce-2b83a2d54b6f",
  "docSlug": "92cd3826af300dc29bb34ec88c17a00a",
  "documentTitle": "jetBlue | Mergers and Acquisitions Presentation Deck | 37 slides",
  "authorId": "jetblue",
  "authorName": "jetBlue",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 15,
  "pageCount": 37,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The table highlights the 'break-even' probabilities and compares the upside potential of JetBlue vs Frontier.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-c3e2-70bb-a7ce-2b83a2d54b6f/15",
  "deckHref": "/decks/019de072-c3e2-70bb-a7ce-2b83a2d54b6f",
  "deckJsonHref": "/decks/019de072-c3e2-70bb-a7ce-2b83a2d54b6f.json",
  "deckAnchorHref": "/decks/019de072-c3e2-70bb-a7ce-2b83a2d54b6f#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.92,
        "x": 0.07,
        "y": 0.83
      },
      "kind": "callout",
      "text": "Spirit shareholders are choosing ~$19 for the potential of a successful Frontier deal vs. ~$17 for a failed JetBlue deal OR the expected $30 (total upside potential of at least ~$12) upon closing of a JetBlue transaction",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "065f4de2-6e67-45ec-97de-466a84720459",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "disclaimer",
      "text": "Source: Bloomberg; market data as of May 13, 2022. 1 Reflects Spirit HUSP indexed against Frontier stock price performance since 04-Feb-2022 (undisturbed date before Frontier Transaction announcement). 2 As of April 4, 2022 (day before JetBlue proposal leak). Note: $33.00 represents the offer price that Spirit shareholders could receive if their Board engaged with JetBlue in a negotiated transaction.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "511e2f21-1e36-45e3-b33d-e6126ddfc08b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.92,
        "x": 0.07,
        "y": 0.27
      },
      "kind": "table",
      "text": "Comparison matrix of Spirit stock price vs closing probability",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "446d30a2-d1c5-40ef-b773-19d8d1edaa10",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.06,
        "y": 0.04
      },
      "kind": "title",
      "text": "Value of JetBlue’s proposal is superior to Frontier’s at nearly every assumed probability of closing",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "77be2023-a4de-407d-a8f9-d9c040467ef3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "3c0cb44d-e267-4648-aad4-1e01ccebe1ff",
      "evidence": "Direct comparison of two competing acquisition offers across multiple probability scenarios.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 16,
      "from": 6,
      "beatId": "e0de7d2e-4701-47c4-a525-bd542156867e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document exposes contradictions and challenges Spirit's management projections",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 11,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "44528443-434c-4531-8ce5-d3b87872ca4f",
      "evidence": "The document emphasizes the potential consequences of not accepting JetBlue's proposal",
      "position": 1,
      "objective": "Highlight the risks of not accepting JetBlue's proposal",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}