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Hawaiian Holdings (NASDAQ:HA) enjoyed a 6% rise, marking a second consecutive day of gains, as investors await the Department of Justice’s verdict on its proposed merger with Alaska Air (NYSE:ALK).
According to sources on Seeking Alpha, the surge in Hawaiian Holdings (HA) on Tuesday followed a substantial options trade.
The parent company of Hawaiian Airlines also experienced a 3% uptick on the same day, possibly influenced by reports suggesting a lack of resistance from labor unions as the DOJ is expected to announce its decision on the $3.8 billion acquisition of HA. CTFN’s Monday report indicated minimal opposition from labor factions toward the deal.
Back in May, Hawaiian Holdings (HA) and Alaska Air (ALK) attested to substantial compliance with the DOJ’s second request. This certification initiated a 90-day window for the DOJ to finalize its decision on the agreement, which is anticipated to conclude on August 5.
Both airlines publicized in late March that they had struck a timing agreement with the DOJ subsequent to receiving a second request from the DOJ in February regarding the merger.
Concerns have been noted among certain investors with regards to this merger, especially following a judgment in January that halted JetBlue’s (JBLU) proposed $3.8 billion acquisition of Spirit Airlines (SAVE).
