In April 1979, the United States Department of Justice and the United States Department of Transportation both announced opposition to a merger of Eastern and National on the grounds that the merger would be anti-competitive. In July, the CAB said it "would not stand in the way of airline mergers that appear to benefit the public". National accepted the Pan Am offer and did not submit TIA's offer to its shareholders, which rendered the TIA offer "effectively dead". TIA agreed to sell its shares in National to Pan Am, earning TIA a net profit on the merger attempt of approximately $46 million.