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  "docSlug": "5ebaed02e9f7ede20c1db26a05a5ec33",
  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 43 slides",
  "authorId": "spirit",
  "authorName": "Spirit",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-05-01 00:00:00",
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  "pageNumber": 22,
  "pageCount": 43,
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  "notes": "The slide uses a 'preempt_rebuttal' structure to cast doubt on the sincerity of the tender offer.",
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      "kind": "callout",
      "text": "What stops JetBlue from walking away once it achieves its objective of disrupting Spirit’s merger with Frontier?",
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      "text": "No 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 highly unlikely. JetBlue itself said it expects the DOJ will sue to block its acquisition of Spirit, which will likely take 18 – 24 months to resolve.",
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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": "Tender Offer is a Highly Conditional Distraction",
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      "evidence": "The presentation provides evidence and data to support its claims, including comparisons of the two offers and analysis of JetBlue's financial and operational performance.",
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      "evidence": "The presentation highlights the cost of inaction, including the potential loss of value for Spirit shareholders.",
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      "objective": "What is the cost of not accepting the Frontier merger?",
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