Spirit Airlines has again rejected the latest offer from Frontier Airlines.
The latest takeover offer is the third official bid submitted by Frontier Airlines’ parent company.
It was worth about $2.16 billion.
Frontier’s bid would have given Spirit’s stakeholders $400 million in debt and 19% of Frontier’s equity.
Placed in administration, Spirit Airlines says its main focus is completing its restructuring process.
“Spirit will continue swiftly to conclude the restructuring, which will significantly deleverage the company and position it for long-term success,” the airline said.
It says it expects to exit bankruptcy protection during the first quarter of this year.
Earlier this month after rejecting Frontier’s offer, Spirit filed a counterproposal to Frontier.
It called for Spirit stakeholders to get $600 million in debt and $1.185 billion in equity.
Frontier rejected this.
Frontier first signaled its interest in Spirit Airlines in 2022.
This sparked a bidding war with JetBlue which Spirit chose to take forward.
This was ultimately blocked by the Department of Justice.
“We remain convinced that the combination of Spirit and Frontier would have created more value than Spirit’s standalone plan,” a Frontier spokesperson said.
“We wish the Spirit team well.”
