Sunday, May 30, 2010

Fortis weighs counter to Khazanah already premium bid for Parkway

India’s Fortis Healthcare is considering launching a counter-offer for Singapore-based hospital chain Parkway Holdings and is discussing financing options with Singapore state investment firm GIC.

Last Thursday, Malaysian sovereign wealth fund Khazanah offered $3.78 a share in cash for 313 million shares of Parkway, which would expand its stake to 51.5% from 23%, in a bid for control of Parkway, potentially pitting it against Fortis in a battle for Singapore’s largest private healthcare provider. The offer of $3.78 is 25% more than earlier closing price of $3.02 for Parkway, which is currently still halted from trading.

Shares of Parkway, listed on the Singapore stock exchange since 1975, have climbed 3.4% this year. The stock more than doubled in 2009. I am still and will still hold onto Parkway shares at least for now.

Parkway Race: Fortis, GIC look to counter Malaysian Co Khazanah [via]

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