Spirit Airlines is rebuffing the latest takeover offer from Frontier Group, with the discount airline saying that it prefers focusing on its current reorganization plan.

The stock of discount airline Frontier Group Holdings Inc. fell 3% early Wednesday after Spirit Airlines again rejected a takeover bid from the rival carrier and said it would go it alone as it emerges from bankruptcy.

Spirit Airlines rejected Frontier Group's acquisition offer worth about $2.16 billion, marking the latest failed deal in the years since the companies began discussing a merger.

Spirit Airlines Tuesday rejected Frontier's most recent merger proposal, opting to proceed with its own standalone recapitalization without a merger instead. Spirit is currently in bankruptcy.

Spirit Airlines has rejected Frontier's latest merger offer, saying that it is less beneficial to shareholders compared to its restructuring plan.

JetBlue officially ended its merger process with Spirit early last year after the Department of Justice (DOJ) won the case against the merger in January 2024. This was also a big blow to Spirit, which has been dealing with financial troubles and was hoping for the merger to come through.

Rather than accept Frontier’s offer, Spirit said it will stick to its current plan to emerge from Chapter 11 bankruptcy.

Frontier Airlines is attempting for a second time to merge with the now bankrupt Spirit Airlines, which declared bankruptcy late last year as budget airlines struggle.

Spirit Airlines on Tuesday rejected Frontier Group's revised acquisition offer, worth about $2.16 billion, saying the bid from its fellow ultra-low-cost carrier was less beneficial to shareholders than its ongoing reorganization plan.