I don’t think they were caught off guard. I was talking to someone in the c suite at B6 back in July, I asked specifically about B6 trying to acquire NK to solve the “lack of airplanes and pilots” problem, as well as the growing ULCC FLL competition problem, and that person answered with a non answer of “well we expect F9 and NK will try to merge in the next 12 months.” 6 months later, the announcement happened. That person also said they didn’t think B6 could participate in any M&A until the NEA was settled. So they were in a bit of a quandary, but they were apparently actively looking at various M&A plays. Based on what I’ve read and heard first hand, I suspect they have wanted to do it for a while, were waiting for better timing, but then were forced to make a move…it was literally now or never for them. As this has gone on, I think they have seen the value of the spirit planes/orders/pilots/network and won’t let it go without a large fight.