Spirit Airlines has rejected a third takeover bid from Frontier Airlines, which included an offer of $400 million in debt and a 19% equity stake in Frontier Group Holdings Inc., the parent company of Frontier. Spirit Airlines stated that it would focus on its own strategy to emerge from bankruptcy and stabilize its finances. Following the rejection, Frontier's stock fell by 3%. The two airlines have exchanged proposals and counterproposals during this recent bidding process, but Spirit remains committed to its independent plan.