Singapore Airlines will delist low cost subsidiary Tiger Airways Holdings Ltd after more than 90% of shareholders finally accepted its improved offer.
SIA increased its offer from 41 cents to 45 cents a share last month, valuing Tiger at about US$800 million.
It said 93.8% of shareholders accepted the offer as of Friday, February 5.
Singapore Air said it would extend the offer closing date until February 19, and then suspend trading of Tiger’s shares.
Under Singapore law, a company can only be taken private if at least 90% of shareholders consent.
From its Singapore Changi Airport hub, Tiger Airways operates regional flights throughout Southeast Asia, China and India.
The no frills carrier has spent months restructuring its operations, which has included halting several unprofitable routes.
