Update: SIA ups offer price for Tiger to 45 Singapore cents in final offer

Singapore Airlines (SIA) has increased its offer price for Tiger to S$0.45 per share, up from S$0.41 per share originally, and stressed that this will be the final offer to shareholders.

The new price represents a near 10 per cent increase over the previous offer and values Tiger at about approximately S$1.125 billion.

The deal remains conditional on SIA garnering more than 90 per cent of Tiger at the close of the offer. As at last Monday, SIA - which holds a 55.8 per cent stake in Tiger - garnered an additional 18.76 per cent from valid acceptances. Last week, it extended the close of the offer from 28 Dec to 8 Jan.

The closing date for the offer has now been extended to 22 January at 5:30pm.

In recent weeks, the Securities Investors Association Singapore (SIAS) has been calling on the SIA board to consider raising the offer, with Tiger's long-term minority shareholders in mind. Tiger was listed at S$1.50 per share back in 2010.