Singapore Airlines is set to take low fare subsidiary Tiger Airways private following the Friday expiry of its takeover offer.
Singapore Airlines already owned 55.8% of Tiger Airways and said it has assurances for the purchase of 95.6%, enough under law to trigger the compulsory purchase of all outstanding shares.
The handful of shareholders who did not respond to SIA’s offer will be notified of the compulsory sale of their shares ‘in due course’ the airline said.
"Singapore Airlines would like to thank Tiger Airways shareholders who found our offer compelling," said SIA CEO Goh Choon Phong.
"With full ownership of Tiger Airways, we will be able to fully integrate it within the SIA Group, strengthening Tiger Airways’ future growth prospects," he said.
SIA launched a takeover bid in November but was forced to raise its offer and extend deadlines several times due to a lukewarm response from dissatisfied Tiger shareholders.
