After agreeing to pay $1.9 billion to acquire competitor Hawaiian Airlines, Alaska Air Group has opened the door to yet another regulatory dispute over the second proposed airline merger in less than two years. Although the boards of both firms have given their approval, Hawaiian Holdings’ shareholders still need to provide their approval. It will also require approval from US regulators, which have opposed further airline mergers for concern that it will result in higher ticket prices.
The firms announced on Sunday that Alaska would acquire Hawaiian for $18 per share and assume $900 million of its debt. Hawaiian Airlines’ market valuation was approximately $250 million as of Friday’s closing share price of $4.86. They’ve decreased by over 53% this year.
Under the terms of the agreement, Alaska will pay $18 in cash for each share of Hawaiian Airlines, which represents a 270% premium over the closing price on Friday. While shares of Alaska Air sank nearly 15% in trade, Hawaiian shares, which had fallen more than 50% so far this year, surged more than 180% in noon trading.
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