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      "text": "Rigorous process undertaken to assess completion risk, which JetBlue failed to adequately address",
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      "text": "Spirit’s Board spent the first week following receipt of JetBlue’s proposal analyzing the proposal – the Board initially determined that it COULD potentially lead to a superior proposal, and authorized Spirit’s management to engage in conversations with JetBlue",
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      "text": "At the conclusion of Spirit’s analysis of JetBlue’s claims, Spirit’s Board determined that JetBlue’s original proposal represented an unsatisfactorily high degree of completion risk with inadequate protections for Spirit shareholders",
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      "text": "In order to address the Spirit Board’s concerns, on April 25 Spirit responded to JetBlue with a proposal including strengthened regulatory provisions designed to reduce completion risk along with a substantial reverse termination fee intended to protect Spirit shareholders and partially compensate Spirit if the transaction failed to win antitrust clearance",
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      "text": "JetBlue responded on April 29, rejecting Spirit’s proposal and failing to address Spirit’s concerns, including an unwillingness to commit to terminate the NEA, so Spirit’s Board determined JetBlue’s proposal is not reasonably capable of being consummated and therefore does not constitute a Superior Proposal",
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