ULCC needs to trade in the $15-$16.00 range to make this even. If it ever trades above that you’ll be making more than the JetBlue offer. Do you see a combined ULCC ever going above that price ? (That’s rhetorical, not aimed at you but other readers)..

And someone will chime in that you can’t predict the future and what the share price may be and the $33 is more money today, guaranteed money. I’d argue it’s not today and it’s not guaranteed. You can’t predict any ULCC future share price more than you can predict when/If you may ever receive the $33.

if an investor believes $15/$16 share price of combined company is likely.. then the F9 deal is a no brainer