Singapore Airlines said it will stand firm on its initial offer to buy out the other shareholders of budget carrier Tigerair.
SIA said the proposal is ‘compelling’ and has no intention of raising its offer, citing industry analysts who have recommended that shareholders accept the offer.
The airline responded after a request from some Tigerair minority shareholders to the Securities Investors Association of Singapore to revise its buyout clause and extend the deadline by an extra two weeks due to the holidays.
The offer closes on December 28.
"SIA reiterates that it believes the offer is compelling," it said in a statement.
Last month Singapore Air made an official bid for the 44.2% shareholding it does not already own worth about S$453 million at the time.
CEO of the Securities Investors Association of Singapore, David Gerald said there are some minority shareholders ‘who are not satisfied’ and may decline the offer.
