Minority shareholders of Tiger Airways will have more time to consider whether to accept Singapore Airlines' (SIA) buyout offer for the budget carrier.
SIA told the Singapore Exchange yesterday the deadline has been extended to 5.30pm on Jan 8. The airline, which already owns 55.8 per cent of Tiger Airways, made a $453 million takeover offer for the rest of the airline on Nov 6.
It is offering 41 cents per share in cash - 32.3 per cent higher than Tigerair's closing price of 31 cents on Nov 5. Under the offer, Tigerair shareholders can opt to subscribe for SIA shares at $11.1043 each.
The Securities Investors Association Singapore (Sias) had written to SIA urging the airline to consider improving its offer and to extend the Dec 28 deadline to Jan 11 in the light of the holidays.
Sias president and chief executive David Gerald told The Straits Times yesterday Sias welcomed the extension as it will give minority shareholders "more time to consider the offer carefully and make an informed decision".
Niche developer Oxley Holdings entered a memorandum of understanding last Friday with Greenland Hong Kong Investment Group and LAOX to sell its interests in Godo Kaisha Oxley Chiba.
The deal also involves the two firms taking on Oxley's loan to Godo Kaisha, which holds the beneficiary interest in a Japanese property called Chiba Port Square.
The sale is worth US$60 million (S$84 million), including consumption tax, provided the payment is made in Japanese yen.
The firms buying the property should have completed their due diligence by yesterday, and the parties involved will enter a definitive sale agreement by Jan 15. The two firms will pay US$6 million upfront by Thursday, with the rest to be paid once the sale is completed.
China Yuanbang Property Holdings
Developer China Yuanbang Property Holdings said its unit has agreed to sell its 25 per cent stake in Wanyuan Yuanbang Resort Development to Wanyuan City Qinba Electronic Commerce for 37.5 million yuan ($8.1 million).
The agreement struck last Monday will occur when 27 million yuan has been paid to its Guangdong Yuanbang Real Estate Development unit. Once completed, this unit will hold a 57 per cent stake in Wanyuan Yuanbang Resort.