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,

The stock of discount airline Frontier Group Holdings Inc. fell 3% early Wednesday after Spirit Airlines again rejected a takeover bid from the rival carrier and said it would go it alone as it emerges from bankruptcy.

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.