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  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 29 slides",
  "authorId": "spirit",
  "authorName": "Moelis & Company",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "Uses 'x' icons to denote negative/rejected conditions.",
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      "kind": "callout",
      "text": "JetBlue’s actions are inconsistent with any desire to negotiate a transaction which is likely to close",
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      "text": "Market Decline Condition: JetBlue can walk away from its offer if there is any decline in either the Dow Jones, the S&P 500 or the NASDAQ-100 in excess of 10%, measured from close of business on May 13, 2022. Since JetBlue first submitted its proposal to acquire Spirit on March 29, 2022, the Dow Jones is down 11.4%, the S&P 500 is down 15.8% and the NASDAQ-100 is down 22.3%(1)",
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      "text": "Regulatory Condition: Tender offer would need to be extended to remain open until regulatory approval is obtained, which is significantly less likely than the Frontier deal. JetBlue itself said it expects the DOJ will sue to block the transaction, which means a process could take 18 – 24 months to reach a resolution",
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      "kind": "list",
      "text": "Reduced Offer by 10%: From $33/share to $30/share – with a caveat that it continued to believe Spirit was worth more",
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      "kind": "source-note",
      "text": "Source: Capital IQ, Company Filings. 1. Market data as of May 20, 2022.",
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      "kind": "title",
      "text": "JetBlue Rejected Proposals to Protect Spirit Shareholders, and Lowered Its Offer",
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