SIA's stake in Tiger crosses 90% mark; rest of shareholders have till Feb 19 to accept delisting

SINGAPORE - Singapore Airlines (SIA) will proceed to delist Tiger Airways, after it crossed the 90 per cent ownership mark on Friday (Feb 5), it said late Friday night.

SIA received valid acceptances of its S$0.45-per-share takeover offer as at 5pm of Friday, representing about 36.62 per cent of the total number of issued Tiger Airways shares.

This means SIA now controls 93.77 per cent of the issued share capital of Tiger Airways, and can go ahead with a delisting.

Shareholders who have not accepted SIA's offer will have until 5.30pm on Feb 19 to do so, SIA said.

SIA, which already owns 55.8 per cent of Tiger Airways, made a S$453 million takeover offer for the rest of the airline on Nov 6. It aims to delist and privatise the budget carrier to fully integrate it within the SIA group.

SIA had earlier offered S$0.41 in cash per share, which was 32.3 per cent higher than Tigerair's closing price of 31 cents on Nov 5.