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  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 29 slides",
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  "authorName": "Moelis & Company",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "Uses a 'before-after' or 'contrast' structure to frame the regulatory risk of a competitor's proposal.",
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      "kind": "paragraph",
      "text": "Informed market participants consistently assess substantial completion risk in a JetBlue / Spirit combination",
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      "text": "Little route overlap should lead to few regulatory issues...Other mergers have focused on network carriers with large hub exposures...not the case in this deal, and we anticipate few regulatory hurdles – Bank of America",
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      "text": "The regulatory process doesn't look challenging...for example, of 86 overlapping nonstop domestic markets, none will consolidate to solely the combined entity – JP Morgan",
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      "text": "We struggle with the idea given both airlines are concentrated on the East Coast with significant operations in Fort Lauderdale, and would suspect there will be heavy regulatory pushback – MKM Partners",
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      "text": "The question of antitrust approvals is never easy, but in the current climate, I would say a pass by DOJ is all but impossible – Max Huffman, Indiana U. Antitrust Professor, in Law360",
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      "text": "This is a merger between two small airlines joining forces to drive greater competition, while the NEA is about JetBlue helping a large (big = bad) airline – Raymond James",
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      "text": "A big surprise to us...greater regulatory hurdles for JBLU since it’s bigger with higher fares (i.e. JBLU/SAVE would eliminate a ULCC with lower fares) – Wolfe Research",
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      "text": "Source: Analyst Reports, Law360",
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      "kind": "title",
      "text": "Third-Party Experts Agree That the Frontier Merger Provides Far Greater Certainty than JetBlue’s Offer",
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      "kind": "title",
      "text": "...In Stark Contrast to the Positive Commentary Surrounding Frontier / Spirit’s Ability to Close",
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