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Khazanah may boost Parkway offer to beat Fortis

  • Anita Davis
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Following an offer by Malaysian sovereign wealth fund Khazanah Nasional to take a 51.5% stake in Singapore-based hospital group Parkway Holdings for $835 million, or S$3.78 ($2.75) a share, Khazanah is considering offering S$4.00 ($2.90) a share in order to beat out rival bidder Fortis Healthcare, according to reports.

Last month, Indian hospital operator Fortis Group offered S$3.2 billion ($2.3 billion) for Parkway, which would value the company at S$3.80 ($2.76) a share. That bid raised the stakes for Khazanah and reportedly prompted the SWF to consider scrapping its partial offer in favor of a full acquisition.

Earlier this month Khazanah extended its partial offer for a control stake in Singapore-based hospital group Parkway Holdings to from July 8th to July 26th. While its earlier offer of S$3.78 a share was branded "not compelling" by Parkway's deal advisor Morgan Stanley, reports cite analysts who attest that a bid above S$4.00 a share would likely give Khazanah the leverage to edge out Fortis. Khazanah is being advised by CIMB and Deutsche Bank.

 

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