Spirit Airlines has again rejected a takeover bid from budget rival Frontier, saying that it would focus on its own plan to emerge from bankruptcy and stabilize its finances.

The offer this week, like the last bid, offers Spirit shareholders $400 million in debt and a 19% stake in Frontier Group Holdings Inc., the parent company of Frontier.

“We remain convinced that the combination of Spirit and Frontier would have created more value than Spirit’s standalone plan,” Frontier said late Tuesday. “That said, we are disciplined acquirors and are focused on delivering for Frontier shareholders at a time when our airline is performing well in a dynamic market environment.”

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