Frontier Group Holdings (ULCC) stock plummeted 5.04% in Wednesday's intraday trading session after its latest attempt to acquire bankrupt rival Spirit Airlines (SAVE) failed. This marked the third time Spirit has rejected a takeover bid from Frontier, following unsuccessful proposals in late January 2025 and last Fall.
In its latest offer, Frontier proposed giving Spirit's creditors $400 million in restructured debt and a 19% equity stake in the combined company. However, Spirit responded by rejecting the offer entirely and deciding to proceed with its standalone restructuring plan instead.
Spirit claimed that pursuing its restructuring alone will "significantly deleverage the company and position it for long-term success." The airline expects to complete the process in the first quarter of 2025 after receiving approval from nearly all voting creditors. Frontier, on the other hand, reiterated its view that a merger would represent a "superior proposal" compared to Spirit's standalone plan.
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