Arab Today, arab today singapore airlines raises takeover offer for tigerair
Last Updated : GMT 08:42:57
Arab Today, arab today
Arab Today, arab today

Singapore Airlines raises takeover offer for Tigerair

Arab Today, arab today

Arab Today, arab today Singapore Airlines raises takeover offer for Tigerair

Passengers going through fast check-in counter for Singapore Airlines at the terminal of Changi International airport
Singapore - AFP

Singapore Airlines (SIA) on Monday raised its offer for shares of budget carrier subsidiary Tigerair it does not already own after minority shareholders said they wanted a higher price.

SIA remains short of the 90 percent acceptance needed to seal the deal since it launched its takeover bid on November 6, aiming to redevelop the struggling low-cost carrier as an integral part of the group's portfolio.

SIA is now offering Sg$0.45 per share, representing a nearly 10 percent increase over its previous "voluntary conditional general offer" price of Sg$0.41 a share.

The new offer price values Tigerair at approximately Sg$1.125 billion ($790 million).

Shareholders also have an option to subscribe for SIA shares at Sg$11.10 per share. SIA said its offer remains conditional upon the airline owning more than 90 percent of Tigerair by the new closing date of January 22.

SIA has said it intends to delist Tigerair from the stock market after the deal is completed.

The new price offer comes after SIA said last month that it owns, controls or has agreed to acquire 74.5 percent of Tigerair, up from the 55.8 percent it owned when it launched its takeover bid.

But minority shareholders had asked SIA to to improve its offer price.

"Shareholders who have already accepted the (original) offer will be paid the new offer price, subject to the 90 percent acceptance condition being achieved," SIA said in a statement.

Airline officials said the new offer will be final.

"As the 2016 work year begins, we are providing Tiger Airways shareholders certainty with the new offer price of Sg$0.45, which will not be revised further," SIA chief executive Goh Choon Phong said.

Tigerair went public six years ago, with a maximum initial offer price of Sg$1.65, but the airline was hobbled by a string of losses as competition in the Southeast Asian low cost carrier market intensified.

A strategy to expand the Tigerair brand to Australia, Indonesia and the Philippines failed.

SIA, which is also facing tough challenges from Middle Eastern carriers and budget airlines, already has in its stable Scoot, a medium-haul budget carrier, and full-fare SilkAir, which serves leisure destinations in Asia.

Analysts say SIA needs Tigerair to complete its portfolio, especially with Singapore building a new terminal to maintain the city-state's edge as a regional air transport hub.

 

6

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today singapore airlines raises takeover offer for tigerair Arab Today, arab today singapore airlines raises takeover offer for tigerair

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday