Singapore Airlines is offering to pay $453 million to to buy shares in its low-cost unit, Tiger Airways, it doesn’t already own and take it private.
SIA, which owns 55.8% of Tigerair, is offering to pay 41 cents in cash for each share, both carriers say in a joint statement to Singapore Exchange on Friday. This is 32% higher than Tigerair's Thursday’s closing price of 31 cents. Tiger Airways’s shareholders will also have the option of buying SIA shares at $11.1043 apiece, a 0.4 percent discount to Thursday’s closing of $11.15.
The offer will be fully funded through internal resources.
The group has also made an offer for all the outstanding perpetual convertible capital securities (PCCS) issued by Tigerair.
SIA says it intends to fully integrate Tigerair’s operations into the SIA group for better commercial and operational synergies.
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SIA, which owns 55.8% of Tigerair, is offering to pay 41 cents in cash for each share, both carriers say in a joint statement to Singapore Exchange on Friday. This is 32% higher than Tigerair's Thursday’s closing price of 31 cents. Tiger Airways’s shareholders will also have the option of buying SIA shares at $11.1043 apiece, a 0.4 percent discount to Thursday’s closing of $11.15.
The offer will be fully funded through internal resources.
The group has also made an offer for all the outstanding perpetual convertible capital securities (PCCS) issued by Tigerair.
SIA says it intends to fully integrate Tigerair’s operations into the SIA group for better commercial and operational synergies.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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