Fortis to exit Parkway; Khazanah makes full offer, ups price

Singapore: Malaysia's sovereign fund Khazanah today offered to acquire full control of Parkway at Singapore dollar (SGD) 3.95 per share with rival India's Fortis Healthcare agreeing to sell its entire stake in the hospital chain.

In a notification to the Singapore Stock Exchange, Khazanah's arm Integrated Healthcare Holdings (IHHL) said it is converting its earlier partial offer to hike its holding in Parkway to 51.5% to a full general offer.

"IHHL is offering to acquire all shares in Parkway that it does not already own at a price of SGD3.95 per share in cash. The voluntary offer represents a 4.5% increase to the partial offer," it said.

IHHL had made its partial offer at SGD 3.78 per share.

Fortis Healthcare, which had offered a full offer at SGD 3.8 per share, has agreed to exit Parkway.

"Fortis Global healthcare (Mauritius) Ltd, a wholly-owned subsidiary of Fortis Healthcare, has provided an irrevocable undertaking to IHHL to accept the voluntary general offer for all its shares," the filing added.

Currently, Fortis owns 25.37% of Parkway, while IHHL has 23.32% stake.

IHHL launched a $835-million partial offer for 51.5% Parkway stake and Fortis countered it with a $2.3 billion dollars offer to fully acquire Parkway.

Originally, IHHL's partial offer was to close today, while Fortis' full offer was scheduled to close on 12th August.

Related stories:

"Fortis' Parkway battle: The Khazanah story"

Khazanah in 'wait and watch' mode; extends offer period for Parkway to 26th July
Singh's Parkway control war may prove costly for Fortis shareholders
 

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