Singapore Airlines’ offer for the shares in Tiger Airways has been declared wholly unconditional.
SIA on Monday morning 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% of Tiger Airways by the close of the offer.
SIA announced on Nov 6 the offer at an initial offer price of $0.41 per share. On Jan 4, the offer price was raised to $0.45 per share, which will also be paid to shareholders who accepted at the initial offer price. The final offer price values Tiger Airways at $1.125 billion.
The final offer price of $0.45 per share cannot be raised further in this voluntary general offer. This is in accordance with Rule 20.2 of the Singapore Code on Takeovers and Mergers, as SIA issued a “no price increase” statement in declaring the final offer price.
The closing date for the offer has also been extended to Feb 5 at 5:30pm.
Shareholders who have already validly accepted the offer will be paid the final offer price of $0.45 per Tiger Airways share and be granted the option to subscribe for SIA shares at $11.1043 per SIA share within 10 days.
Shareholders who accept the offer between now and the closing date will also be paid $0.45 per Tiger Airways share and be granted the option to subscribe within 10 days of their valid acceptances being received.
Tiger Air last closed at 45 cents.
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SIA on Monday morning 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% of Tiger Airways by the close of the offer.
SIA announced on Nov 6 the offer at an initial offer price of $0.41 per share. On Jan 4, the offer price was raised to $0.45 per share, which will also be paid to shareholders who accepted at the initial offer price. The final offer price values Tiger Airways at $1.125 billion.
The final offer price of $0.45 per share cannot be raised further in this voluntary general offer. This is in accordance with Rule 20.2 of the Singapore Code on Takeovers and Mergers, as SIA issued a “no price increase” statement in declaring the final offer price.
The closing date for the offer has also been extended to Feb 5 at 5:30pm.
Shareholders who have already validly accepted the offer will be paid the final offer price of $0.45 per Tiger Airways share and be granted the option to subscribe for SIA shares at $11.1043 per SIA share within 10 days.
Shareholders who accept the offer between now and the closing date will also be paid $0.45 per Tiger Airways share and be granted the option to subscribe within 10 days of their valid acceptances being received.
Tiger Air last closed at 45 cents.
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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