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 again rejected a third takeover bid from budget rival Frontier, saying that it would focus on its own plan to emerge from bankruptcy and stabilize its finances. The offer this week,