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.

After filing for bankruptcy protection and going back and forth with Frontier Airlines — again — over a potential acquisition, Spirit Airlines has a new plan.

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

The two airlines have sent proposals and counterproposals during a recent bid from Frontier to take over bankrupt Spirit Airlines.

Spirit Airlines on Tuesday rejected Frontier Group’s 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.

The stock of discount airline Frontier Group Holdings Inc. fell 2% 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.

U.S.-based Frontier Group’s (ULCC) acquisition bid for its bankrupt rival Spirit Airlines (SAVEQ) crashed as Spirit rejected another offer for

A merger of America's two largest budget airlines appears increasingly unlikely. Spirit Airlines on Thursday rejected Frontier Airlines' latest proposal for a merger, which would have helped bring the Florida-based carrier out of bankruptcy to join forces with its top competitor.