However, expectations shifted when it became clear that the DOJ had not simply approved the transaction without conditions. "I didn’t expect the Department of Justice to simply approve the transaction – there did seem to be a likelihood that they would insist on conditions, like service commitments on routes between the islands," another source commented.

The situation grew more complex after Alaska and the DOJ twice agreed to extend the statutory review period. This extension suggested ongoing negotiations rather than merely needing more time for review. "It is very odd that DOJ simply approved the deal after multiple delays rather than demanding anything in exchange," remarked an analyst.

Formally speaking, the DOJ has not 'approved' the deal yet; they can still challenge it even after closure by suing to break up a completed transaction during their review period.

In response to these developments, Alaska Airlines quietly altered its press release language from stating “The time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the HSR Act has expired,” to “The time period during which the parties were prohibited from closing under the HSR Act has expired. The government’s review is ongoing.”

This change in language raises questions about potential securities fraud if DOJ sues to block the deal prior to closure, almost certainly leading to shareholder lawsuits. Despite this alteration in language, Hawaiian shares have not fallen in after-hours trading and remain well above $17 per share, indicating continued investor confidence that the deal will proceed.