AWA Partners to bid again for America West. (America West Airlines)

AWA Partners, the only bidder for America West Airlines, is preparing to make its third and richest offer after its first two proposals were rejected by the airline's board of directors.

But analysts believe AWA Partners is not the carrier's only chance for equity investment, because its strong financial and operational performance could entice several more investors to the bargaining table. This could mean renewed interest from Columbus, Ohio, where the airline recently established a new hub.

Paul Karos, a well-known airline analyst with First Boston Corp., says if America West continues to post profits and improve operations, there will be plenty of people with …