TIGER AIRWAYS HOLDINGS LIMITED
Tigerair
J7X.SI
Tiger Airways: SIA raises offer price to S$0.45/share
- In a bid to delist Tiger Airways (Tigerair), Singapore Airlines (SIA) is revising its initial offer price for Tigerair of S$0.41/share to a final offer price of S$0.45/share.
- SIA also stated that it does not intend to revise the final offer price of S$0.45/share. As such, the closing date for shareholders and PCCS (Perpetual Convertible Capital Securities) holders’ acceptances of its offer for Tigerair shares and PCCS is extended from 8 Jan 2016 to 22 Jan 2016, 5.30pm (Singapore Time).
- Note that shareholders and PCCS holders who have earlier accepted the offer are entitled to the final offer price, and the option to subscribe for SIA’s shares, and do not need to take further action unless to withdraw from the earlier acceptances.
- As at market close yesterday, SIA has acceptances level for ~77.5% of Tigerair.
- While acceptance level must be more than 90% to be declared unconditional, SIA reserves the right to waive the condition or reduce to a level equal or less than 90%, subject to regulatory approval.
- Reiterating our view, we recommend shareholders and PCCS holders to ACCEPT THE OFFER, as we think the final offer price is attractive given its muted outlook.
Eugene Chua
OCBC Securities
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http://www.ocbcresearch.com/
2016-01-05
OCBC Securities
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