SINGAPORE - Singapore Airlines (SIA) has taken its offer for Tiger Airways unconditional and disclosed it now owns, controls or agreed to acquire 79.22 per cent of the target's shares.

SIA has also extended the closing date of its offer to 5.30 pm on Feb 5 from Jan 22 previously, it said in a filing with the Singapore Exchange before trading opened on Monday (Jan 11).

The flag carrier said it has "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 per cent of the budget carrier's shares by the close of the offer. The offer for the shares in Tiger Airways that SIA does not already own has therefore been declared wholly unconditional."

Said SIA CEO Goh Choon Phong: "We wish to thank Tiger Airways shareholders who have already accepted the offer. With the Offer being declared unconditional, we are providing certainty that these shareholders will be paid the final offer price of S$0.45 for their shares within 10 days. Shareholders who accept the offer from today up to the closing date will also receive payment at this final offer price and be granted the option to subscribe within 10 days of tendering their acceptance."

The final offer price values Tiger Aiways at approximately S$1.125 billion. It represents a price premium of 45 per cent over the company's last traded price of 31 cents before the offer was announced.

SIA announced the offer on Nov 6 at an initial offer price of 41 cents. On Jan 4, it raised this 45 cents, which will also be paid to shareholders who accepted at the initial offer price. The Securities Investors Association of Singapore (SIAS), sid then that some shareholders were not satisfied with the sweetened offer as they believed it underestimated what long-time shareholders have paid.

On Monday, SIA said that, together with parties acting in concert, it now owns, controls or agreed to acquire 79.22 per cent of the Tigerair shares as of Jan 8.