Why Everyone Hates Alaska Air’s Hawaiian Airlines Takeover—Even If They Think It Makes Sense

Alaska Air Group ‘s surprise $1.9 billion deal to buy Hawaiian Holdings had investors rushing for the emergency exit—and its stock in free fall. The shares picked up downgrades from Deutsche Bank and Raymond James analysts—both were bullish before the agreement was announced. Alaska stock tumbled more than 14% Monday as shareholders digested the carrier’s proposed tie-up with Hawaiian Airlines’ parent company for a hefty 270% premium.