SIA/Tigerair: In a bid to delist Tiger Airways, SIA is revising its initial offer price for Tigerair of $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 $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, 5.30 pm.
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.
OCBC reiterates that sharesholders and PCCS holders should accept the offer, as it thinks the final offer price is attractive given the industry's muted outlook.
No comments:
Post a Comment