Thursday, July 15, 2010

#Flash* Fortis gives Parkway shareholders until Aug 12 to decide

KUALA LUMPUR: Fortis Healthcare Limited has dispatched the circular for the voluntary conditional cash offer to Singapore's listed Parkway Holdings Ltd shareholders and given them until Aug 12 to decide whether to take up its offer.

A statement on the Singapore Exchange website on Thursday, July 15, which was issued by Fortis' financial advisers, said the offer document was despatched on Thursday.

'The offer will remain open for acceptance until 5.30pm on Aug 12, or such later date(s) as may be announced from time to time by or on behalf of the offeror. Similarly, the options proposal will be open for acceptance until 5.30pm on the Closing Date,' it said.

Fortis is controlled by billionaire brothers Malvinder and Shivinder Singh. They are Parkway's single largest shareholder with a 25.3% stake while Khazanah Nasional Bhd has a 23.8% stake.

Khazanah's unit Integrated Healthcare Ltd had made an offer in late May to acquire 313 million shares in Parkway at S$3.78 per share or S$1.18bil (RM2.76 billion). Fortis countered by offering S$3.80 per share.

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