Spirit Airlines Rejects Frontier's $400 Million Takeover Bid

Spirit Airlines has rejected a third takeover bid from Frontier Airlines, opting to focus on its Chapter 11 bankruptcy restructuring. Frontier's latest offer, valued at $400 million and comprising a 19% stake in the parent company, was deemed insufficient by Spirit's leadership, who believe that their standalone plan offers more value. This decision comes as part of Spirit's ongoing strategy to achieve long-term financial stability after filing for bankruptcy protection in November. Frontier's attempts to acquire Spirit have been unsuccessful, with previous bids thwarted by competing offers and regulatory scrutiny. Despite Frontier's claims that a merger would create greater value, Spirit remains committed to its own financial recovery plan. A confirmation hearing for Spirit's restructuring plan is expected soon, with nearly all voting creditors approving the proposal.