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Why is there no premium for the the merger with JetBlue?

Does anyone have any links they can share involving a detailed study of the likelihood of the merger with JetBlue?
I know that the merger is not 100% guaranteed or even close but since the Spirit share price is the lowest it has been for some time, I’m just struggling to understand why there seems to be almost zero premium placed on a merger that would more that double the share price if it goes through.
So if you have any links with detailed articles on the likelihood of the merger, or have any comments or analysis, please post them here. Thank you!
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  • QianmengYu : just watch chart of $动视暴雪 (ATVI.US)$ . Market doesn’t believe regulator will approve. Lina Khan was pretty harsh. However, she becomes sort recently. In short term, merger will reduce operational cost and soften union, which will reduce inflation, that her boss really worries.
    Still, the news show we are still behind of schedule… But Jetblue still wants seriously.

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