Australian transport group Patrick Corp said on Thursday it would not extend its proposed AUD$1.1 billion (USD$866 million) offer for the shares it does not already own in Virgin Blue Holdings.

The offer expires at 7 p.m. (0800 GMT) on March 22.

Patrick said on Tuesday its stake in the budget airline, in which Richard Branson's Virgin Group owns 25 percent, had increased to 49.03 percent. It held 45.4 percent when it launched its bid in January.

Patrick's wholly owned subsidiary, Plzen, made its offer nine days after Virgin Blue warned its annual profit would fall by as much as 15 percent due to sluggish demand and a price war with Jetstar, the no-frills offshoot of Qantas Airways.