One obvious risk is that JetBlue can decline to buy your shares even if you offer them. They presumably have a target percentage of the company they want to buy, and they will likely stop buying when (if) they get there, or if they decide to give up.
I don't know what the underlying value of SAVE is, but given that the two purchase offers are higher than that, I assume that there is significant doubt that either merger will go through.
So you risk a scenario of buying something for $24, not being able to sell it for $34, and the underlying business is only worth, say, $20.
I don't know how big of a risk that is, but apparently the market thinks it's pretty high.
Another thought is that if JetBlue decides to give up or if SAVE ends up getting bought by Frontier, JetBlue might sell their current shares of SAVE on the open market somewhat rapidly. If they own a significant percentage of SAVE shares, that could create a lot of downward price movement.
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"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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