Khazanah’s S$3.3-bn bid for Parkway knocks out Fortis
26 Jul 2010
Indian healthcare provider, Fortis Healthcare was knocked out from its proposed largest overseas acquisition after Malaysian sovereign wealth fund Khazanah today launched a full takeover offer for Singapore's Parkway Holdings for S$3.5 billion ($2.53 billion).
The two-month see-saw battle for Parkway, South-east Asia's largest healthcare provider ended today after Fortis accepted Khazanah's offer of S$3.95 ($2.88) per share for the shares it does not already own in Parkway, valuing the 16 hospital chain operator at S$3.3 billion.
Khazanah, which has $28 billion of assets under management and currently owns 23.9 per cent of Parkway, had planned to increase its stake in Parkway to 51.5-per cent stake in May and made a partial offer of $835-million or S$3.78 per share.
Fortis, led by Malvinder Mohan Singh, had trumped Khazanah's partial offer by launching a full offer early this month for Parkway of S$3.80 per share or S$3.2 billion (See: Fortis trumps Khazanah with $3.1-billion offer for Parkway), accepted Khazanah's full offer.
"Fortis Global healthcare (Mauritius) Ltd, a wholly-owned subsidiary of Fortis Healthcare, has provided an irrevocable undertaking to Integrated Healthcare Holdings (IHHL) to accept the voluntary general offer for all its shares," IHHL today said in a filing with the Singapore Exchange.
Shares of Fortis rose by 6 percent in Mumbai trading following the news that the company abandoned Parkway acquisition.
