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.

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

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.