Fortis Healthcare on Thursday said its estimated Rs 11,000-crore offer to acquire the Singapore-based hospital chain Parkway will close on August 12.
The company, which is up against a $835-million partial offer from the Malaysian sovereign fund Khazanah to pick up a controlling stake in Parkway, on Thursday dispatched the documents for its voluntary cash offer document to the shareholders of Parkway.
“The offer closing date is set for 5.30 pm on August 12,” Fortis group firm RHC Holdings said in a filing to the Singapore Stock Exchange. Fortis had offered 3.8 Singapore dollar (SGD) a share as against SGD 3.78 per share made by Khazanah’s arm International Healthcare Holdings in May.
On July 9, Khazanah extended its $835-million partial offer for taking control of Parkway to July 26, in a bid to buy more time.
Earlier this month, the Fortis and its founders, the Singh family, made a $2.3-billion (around Rs 11,000 crore) bid to fully acquire Singapore-based hospital chain Parkway in response to an offer launched by Khazanah.
The Fortis offer is being made by Royal Bank of Scotland and Macquarie Capital Singapore on behalf of RHC Healthcare, in which the Singhs hold 51 per cent stake and the remaining 49 per cent is owned by Fortis Healthcare.
While Fortis holds 25.37 per cent stake in Parkway, Khazanah has 23.32 per cent and the Malaysian fund is bidding to raise its stake to 51.5 per cent by offering to buying 313 million shares from the public. In response, Fortis, was given time till the end of July by the Singapore Industries Commission to make a counter-offer.
Royal Bank of Scotland and Macquarie Capital said the dispatch included form of acceptance and authorisation and form of acceptance and transfer.