Khazanah Parkway bid "not compelling"
Singapore’s Parkway Holdings Ltd., Asia’s largest publicly listed hospital-management firm and former TPG Capital investee, has released its response to Khazanah Nasional Bhd.’s acquisition bid, saying that its financial advisor Morgan Stanley has found the offer “not compelling”, creating a hurdle for the $25 billion Malaysian SWF.
The news comes one month after Khazanah first announced its intention to raise its stake in Parkway Holdings, which had recently been exited by TPG Capital to India's Fortis Healthcare, by paying S$1.18 billion ($835 million). At the time, Khazanah offered a 25% premium over Parkway's latest closing price, for a stake that would give it marginal majority control of Parkway – boosting its holding from 23.5% to 51.5%. However, a circular written by Parkway's deal advisor Morgan Stanley indicated that: “Although the value implied by the offer price is reasonable, the offer price is not compelling in the context of a partial offer involving a change of control.”
In March, TPG Capital exited its 23.9% stake in Parkway, which was picked up by Fortis for $685.3 million. One month later, Singapore's GIC Special Investments injected $84.5 million into Fortis.
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