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Updated: July 1, 2010 11:08 IST

Fortis makes counter offer to buy Parkway

PTI
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File photo Fortis Healthcare CMD Shivinder Mohan Singh. Fortis has offered to acquire all the shares of Parkway, in response to Malaysian sovereign wealth fund Khazanah’s bid to control the firm.
The Hindu File photo Fortis Healthcare CMD Shivinder Mohan Singh. Fortis has offered to acquire all the shares of Parkway, in response to Malaysian sovereign wealth fund Khazanah’s bid to control the firm.

India’s Fortis Healthcare on Thursday responded to Malaysian sovereign wealth fund Khazanah’s bid to control Singapore-based Parkway Holdings by offering to acquire all the shares of the company.

Fortis has made an offer of SGD 3.80 per piece to acquire Parkway against Khazanah’s offer of SGD 3.78 a share.

The offer was made by Royal Bank of Scotland and Macquarie Capital (Singapore) on behalf of RHC Healthcare.

Fortis, owned by billionaire brothers Malvinder Singh and Shivinder Singh, own 25.3 per cent of Parkway.

Fortis through RHC is making a counter-offer to Khazanah Nasional’s SGD 1.18 billion partial takeover offer made on May 27, aiming to buy 313 million shares, each priced at SGD 3.78.

Khazanah wants to increase its Parkway control to 51.5 per cent from the current 23.8 per cent.

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