Our Bureau
New Delhi, June 16
Singapore's securities regulator on Wednesday asked Fortis Healthcare to decide by July 30 whether or not it will make a counter offer to Malaysian fund Khazanah's $835-million bid to acquire majority stake in Parkway Holdings.
The Securities Industry Council (SIC) said that shareholders of Parkway Holdings should be given sufficient time to enable them to reach an informed decision on the partial offer by Khazanah Group subsidiary Integrated Healthcare Holdings Ltd. "The SIC considers that Parkway shareholders should be given sufficient information, advice and time to enable them to reach an informed decision on the partial offer. Therefore, having regard to the need for timely and sufficient information by Parkway shareholders under General Principle 10 of the Take-over Code on one hand and the need not to disturb the existing tactical balance between Integrated Healthcare and Fortis on the other, the SIC on June 16, 2010 required Fortis to announce by July 30, 2010 whether or not it will be making a general offer for Parkway, unless circumstances arise as to make an earlier or later date for such announcement more appropriate," the statement said. Fortis said it is keeping all options open on its response to the Khazanah offer. It recently bought about 25 per cent stake of Parkway and had intended to build a controlling stake. Khazanah has offered $835 million to lift its stake to 51.5 per cent from 23 per cent at present. Meanwhile, Morgan Stanley said one of its investment arms, FrontPoint Management, has bought 1.15 lakh additional shares in Parkway at Singapore $3.77 a share. This is marginally lower than Khazanah's offer price of Singapore $3.78 a share. Morgan Stanley owns 3.9 lakh Parkway shares.
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