Fortis Healthcare makes competing bid for Parkway

The Indian hospital operator offers to pay S$3.80 per Parkway share for the three-quarters of the firm it doesn't already own, beating Khazanah's bid of S$3.78 for a smaller portion of the company.

India-based hospital operator Fortis Healthcare together with a company owned by its controlling shareholders, brothers Malvinder Mohan Singh and Shivinder Mohan Singh, yesterday launched a general offer for the 74.73% of Singapore-listed Parkway Holdings that it doesn't already own.

If the offer, at S$3.80 per share, is accepted in full, the buyers will have to pay approximately S$3.2 billion $2.3 billion, although they said in an announcement that the intention is to keep Parkway as a listed company in order to allow its shareholders the option to participate in the growth of the combined company. Parkway is in the same industry as Fortis, operating hospitals primarily in Malaysia and Singapore, but with selected...

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