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SIA to take full control of Tiger; share offer closes on Friday
SINGAPORE Airlines' (SIA) general offer for the shares in Tiger Airways that it did not already own closes on Friday, and Singapore's national carrier will take full control of the budget airline, SIA said in a media release.
As at Feb 26, 2016, SIA controlled 95.6 per cent of Tiger, a level which will allow for the compulsory acquisition of all of Tiger's outstanding shares.
"Singapore Airlines would like to thank Tiger Airways shareholders who found our offer compelling," said SIA CEO Goh Choon Phong in a statement. "With full ownership of Tiger Airways, we will be able to fully integrate it within the SIA Group, strengthening Tiger Airways' future growth prospects."
SIA launched a takeover bid in November last year to delist and privatise Tiger. The airline initially made an offer of 41 Singapore cents per share but was forced to raise it to 45 cents after the low-cost carrier's long-term minority shareholders expressed their dissatisfaction with the deal.