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 Inc. rejected a refreshed acquisition offer from rival budget carrier Frontier Group Holdings Inc., saying it would instead proceed with a planned restructuring in bankruptcy.

Spirit Airlines has announced that it will continue with its standalone recapitalization plan after rejecting a recent proposal from Frontier Group Holdings (NASDAQ: ULCC), the parent company of Frontier Airlines. This decision, formally announced on Feb. 11, comes nearly three months after Spirit filed for Chapter 11 bankruptcy protection.