|Posted : 11 Jan, 2016 11:56:16
Singapore Airlines terms offer for Tigerair ‘unconditional’
Singapore Airlines (SIA) has termed its offer for Tiger Airways unconditional and disclosed that it now owns, controls or agreed to acquire 79.22 per cent of the target's shares.
The airline also extended the closing date of its offer to 5.30 pm on February 5 from January 22 previously, it said in a filing with the Singapore Exchange before trading opened Monday.
SIA said it has "waived the condition in its voluntary general offer for Tiger Airways that required it and parties acting in concert with it to own more than 90 per cent of the budget carrier's shares by the close of the offer. The offer for the shares in Tiger Airways that SIA does not already own has therefore been declared wholly unconditional."
The final offer price values Tiger Airways at approximately S$1.125 billion and represents a price premium of 45 per cent over the company's last traded price of 31 cents before the offer was announced.
SIA announced the offer on November 6 at an initial offer price of 41 cents. On January 4, it raised it 45 cents, which will also be paid to shareholders who accepted at the initial offer price, according to media reports. -abdullah