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 again rejected Frontier Airlines’ latest takeover bid, opting to instead focus on its restructuring process to bolster financial stability. Spirit, an ultra-low-cost airline,

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.