Hospital chain Fortis Healthcare on Thursday said it is acquiring 23.9 per cent stake in the Singapore-based healthcare firm Parkway Holdings for about $685.3 million (nearly Rs 3,100 crore).
Fortis Healthcare may avoid a hurried response to counter Malaysian investment fund Khazanah's bid to acquire management control over Asia's largest health care chain Parkway Holdings from Fortis which holds the largest number of shares in Parkway.
Parkway Holdings, the subject of a tussle for control between India's Fortis Healthcare and Malaysia's Khazanah, on Monday said the US fund manager Templeton has reduced holding in it to 4.97 per cent during the last one year.
The battle for control of Parkway Holdings, Asia's largest hospital chain, is set to be fought in Singapore. Khazanah, the Malaysian government-owned investment fund, which is the second largest shareholder in Parkway through Integrated Healthcare Holdings, has fired the first salvo by offering S$1.18 billion (US $710 million or over Rs 3,900 crore) for a majority stake in the company that is currently controlled by the Singh-family promoted Fortis Healthcare.
Malaysia's sovereign fund Khazanah on Monday offered to acquire full control of Parkway at SGD 3.95 per share with rival India's Fortis Healthcare agreeing to sell its entire stake in the hospital chain.
Fortis Healthcare said its offer to acquire the shares of Parkway Holdings, the Singapore-based company that runs Asia's largest hospital network, will close on August 12.
Fortis Healthcare and its founders, the Singh family, on Thursday made a $2.3 billion (around Rs 11,000 crore) bid to acquire all the shares in Singapore-based hospital chain Parkway in response to an offer launched by Malaysian fund Khazanah.
Parkway, which is the biggest listed hospital chain in Asia, is now at the centre of a probable bidding war between the Singh Family-promoted Fortis Healthcare and Khazanah.
Fortis Global Healthcare on Thursday said it has acquired a specialised under construction cancer hospital in Singapore from First Real Estate Investment Trust for a consideration of SGD 33 million (over Rs 115 crore).
A letter to the SIC by Fortis' legal representatives said the release issued on Wednesday by Integrated Healthcare Holdings, arm of Khazanah, calls into question the purpose and intention behind it. IHHL had said it has received the approval of the majority of eligible shareholders of Singapore-based hospital chain Parkway who have so far voted on its partial offer.
With over 45 healthcare facilities and over 300 vibrant diagnostic centres, Fortis is India's second-largest hospital chain -- next only to Apollo, which has 64 hospitals with 10,000 beds. Therefore, any international or domestic hospital chain that buys Fortis will simply catapult to the numero uno position.
Over-expansion, bad management, and multiple allegations irreparably taint Malvinder and Shivinder Singh
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