Spirit Airlines rejected a $400 million merger proposal from Frontier this week, saying the offer was financially inadequate and came too late. Spirit Airlines declined an opportunity to merge with rival low-cost airline Frontier on Wednesday.

Frontier and Spirit Airlines will once again try to merge, only months after the Biden administration won a key antitrust court battle to block an attempt by JetBlue to buy Spirit. A combination of the two ultra-low-cost carriers would produce the country’s fifth largest airline,

Spirit, which filed for bankruptcy protection last year, says it has rejected the new Frontier overture but would be open to a higher offer.