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Posts Tagged ‘fortis healthcare’

TPG to sell up to $91m stake in Parkway Life: IFR

September 22nd, 2010 | No Comments

Private equity firm TPG (TPG.UL) is selling its 9.3% stake in Parkway Life REIT (PWLR.SI) in a deal that could raise as much as $91.1 million, IFR Asia reported on Wednesday.

TPG is offering 56.25 million shares at a guidance range of $1.56-$1.62 each, representing a discount of 6.6% to 3% to Parkway Life’s last traded price.

Goldman Sachs (GS.N) is sole bookrunner for the deal.

TPG had been expected to sell its stake in Parkway Life after Malaysian state investor Khazanah took control of Parkway (PARM.SI), which runs some of the properties owned by Parkway Life.

Khazanah trumped India’s Fortis Healthcare (FOHE.BO) in a takeover battle for Asia’s biggest listed hospital operator in a deal that could cost the state firm $3.5 billion.

Parkway Life and TPG declined comment while Goldman was not immediately available.

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Parkway Holdings’ 2Q net profit falls 9% on year to $36.8m

August 12th, 2010 | No Comments

Parkway Holdings (P27.SG) says its second quarter net profit fell 9% to $36.8 million from $40.3 million in the year-earlier period when the Singapore-listed healthcare company had booked a one-off gain.

Revenue increased 9% to $271.6 million, Parkway, which was recently at the centre of a bidding war between two key shareholders, said in a statement.

Khazanah Holdings launched a full takeover offer for Parkway on July 26, prompting Indian rival Fortis Healthcare (532843.BY) to abandon its bid for control of the Singapore healthcare group and sell its 24.9% stake to the Malaysian sovereign wealth fund.

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Khazanah wins battle for Parkway; Fortis bows out

July 26th, 2010 | No Comments
Malaysian state investor Khazanah trumped India’s Fortis Healthcare (FOHE.BO) in a takeover battle for Singapore’s Parkway (PARM.SI) with an offer that values Asia’s biggest listed hospital operator at US$3.3 billion ($4.51 billion).

Khazanah — in its biggest acquisition overseas — said it was offering around $3.95 per share for all Parkway shares it does not own, topping the $3.80 offered by Fortis, confirming an earlier Reuters story. 

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Fortis made $116.7m profit on Parkway deal

July 26th, 2010 | No Comments
India’s Fortis Healthcare (FOHE.BO) made a profit of $116.7 million on its deal to accept an offer from Malaysian state investor Khazanah for Singapore’s Parkaway Holdings (PARM.SI), a Fortis spokesman said.

Fortis, which owns about 25% of Parkway, lost out in a battle for control of the Singapore healthcare firm.

 
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Fortis says to pursue other opportunities in SE Asia

July 26th, 2010 | No Comments
India’s Fortis Healthcare (FOHE.BO), which lost out in a battle for control of Singapore healthcare firm Parkaway Holdings (PARM.SI), said it will pursue other opportunities in Singapore and the region.

Malaysian state investor Khazanah offered $3.95 per share for Parkway on Monday, and Fortis, which owns about 25% of the firm, said it will accept. 

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Khazanah offers $3.95 per share in Parkway general offer

July 26th, 2010 | No Comments
Malaysian state investor Khazanah said on Monday it was offering $3.95 per share for all outstanding shares of Singapore healthcare firm Parkaway Holdings (PARM.SI). 

India’s Fortis Healthcare (FOHE.BO), which was locked in a battle with Khazanah for control of Parkway, has decided to accept the offer, Khazanah said in a statement. 

 
Fortis and Khazanah each currently own about 25% of Parkway.
 
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Khazanah poised to trump Fortis on Parkway deal

July 26th, 2010 | No Comments
Malaysian state investor Khazanah is poised to trump an offer from India’s Fortis Healthcare (FOHE.BO) for Singapore’s Parkway (PARM.SI) in a buyout bid that values Asia’s biggest listed hospital operator at US$3.3 billion ($4.51 billion).

Khazanah — in its biggest acquisition overseas — will offer around $3.95 per share for all Parkway shares it does not own, topping the $3.80 offered by rival suitor Fortis Healthcare, sources with knowledge of the deal told Reuters. 

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Khazanah set to make general offer for Parkway

July 26th, 2010 | No Comments
Malaysian state investor Khazanah is set to make a general offer for Singapore healthcare firm Parkaway Holdings (PARM.SI), sources with knowledge of the deal said on Monday.

Khazanah is locked in a bidding war for control of Parkway with India’s Fortis Healthcare (FOHE.BO). It has made a partial offer to acquire 51.5% 

of Parkway at a price of $3.78 per share. 

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July 9: Parkway, SGX, SMRT, Rotary

July 9th, 2010 | No Comments

Singapore stocks may rise on Friday, after shares on Wall Street rose for a third straight session overnight helped by a fall in US jobless claims and as several large retailers reported solid sales. Singapore’s benchmark Straits Times Index (FTSTI) rose 1.26% on Thursday to finish at 2,897.15 points.

Malaysian state investor Khazanah extended its US$835 million partial offer for Singapore hospital operator Parkway (PARM.SI) until July 26, as it takes more time to counter Fortis Healthcare’s (FOHE.BO) better bid.

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Parkway shares surge on expected bidding war

July 2nd, 2010 | No Comments
Shares of Parkway Holdings (PARM.SI) rose as much as 8.4% on Friday, slightly above the price offered by two rival bids for the Singapore-based hospital operator, as investors expected a bidding war to ensue. 

India’s Fortis Healthcare (FOHE.BO) and its founding family launched a $3.80-a-share bid for Parkway on Thursday, valuing Asia’s biggest hospital group at US$3.1 billion ($4.3 billion) topping a rival $3.78-a-share offer by Malaysian state fund Khazanah. 

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Parkway +7.3%; Fortis may be testing market: OCBC

July 2nd, 2010 | No Comments

Parkway Holdings (P27.SG) gaps up at opening, last +7.3% at $3.83, as investors hold out for Khazanah Nasional to unveil new bid to counter Fortis Healthcare’s (532843.BY) $3.80/share general offer.

“We believe the offer, which is strategically priced in our view, is likely an attempt to test the market’s reaction (including Khazanah’s) and to quell fears that Fortis may overpay for Parkway,” says OCBC analyst Kevin Tan; notes price only slightly above Khazanah’s $3.78/share offer.

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Fortis battles Khazanah with US$3.1b deal for Parkway

July 1st, 2010 | No Comments
India’s Fortis Healthcare and its founding family launched a bid valuing Singapore hospital operator Parkway Holdings (PARM.SI) at US$3.1 billion ($4.3 billion), topping a rival offer by Malaysian state fund Khazanah.

Fortis (FOHE.BO), which controls just over 25% of Parkway, had intended to build a controlling stake in the firm before Khazanah made a surprise US$835 million partial offer in May to lift its stake to 51.5%. 

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Fortis Health plans to keep Parkway listed in Singapore

July 1st, 2010 | No Comments
Fortis Healthcare plans to keep Parkway Holdings listed in Singapore, Parkway Chairman Malvinder Singh said at a briefing in Singapore today.

Fortis said today it will pay $3.80 a share in cash to buy shares of Parkway it doesn’t already own.

 
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Parkway battle hots up as Fortis eyes $4.3b deal

July 1st, 2010 | No Comments
India’s Fortis Healthcare launched a bid valuing Singapore hospital operator Parkway Holdings (PARM.SI) at US$3.1 billion ($4.3 billion), topping a bid by rival suitor Malaysian state fund Khazanah.

Fortis (FOHE.BO), which controls just over 25% of Parkway, had intended to build a controlling stake in the firm before Khazanah made a surprise US$835 million partial offer to lift its stake to 51.5%.

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Fortis to brief reporters on Parkway offer at 2:30 p.m.

July 1st, 2010 | No Comments
Fortis Healthcare will brief reporters on its offer to buy all of Parkway Holdings at 2:30 p.m. in Singapore today, according to an e-mailed invitation.
 
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Parkway halts trade as India’s Fortis prepares move

July 1st, 2010 | No Comments
India’s Fortis Healthcare (FOHE.BO) is widely expected to outline a counter offer for Singapore hospital operator Parkway (PARM.SI) later on Thursday, in a direct challenge to Malaysian state investor Khazanah which has made a $835 million offer to control the Singapore firm. 

Parkway (PARM.SI) has requested a trading halt ahead of an announcement by the Indian firm, which could be made later in the day, sources briefed on the matter said. 

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Fortis says GIC to defer preferential investment

June 25th, 2010 | No Comments
Fortis Healthcare (FOHE.BO) said on Friday Singapore’s GIC had decided to defer preferential investment in the Indian hospital chain, but will evaluate participation in broader fund raising by Fortis. 

Fortis said in a separate statement it had approved conversion of warrants into equity.

 
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Singapore asks Fortis to make Parkway decision by July 30

June 16th, 2010 | No Comments
Singapore’s securities regulator put pressure on Fortis Healthcare (FOHE.BO) to announce by July 30 on whether it intends to make a full offer for Parkway Holdings.

The statement came a day after Fortis said it is keeping its options open about a counterbid for Parkway, which has already received a partial offer from Malaysian sovereign fund Khazanah.

 
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Fortis: options open on Khazanah’s Parkway offer

June 15th, 2010 | No Comments
India’s Fortis Healthcare (FOHE.BO) said on Tuesday it was keeping options open on Malaysian sovereign wealth fund Khazanah’s offer for Singapore’s Parkway Holdings. 

Fortis, which owns about 25% in Parkway, said in a statement it would continue to evaluate its options in the best interest of its shareholders. 

 
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Parkway down 0.3%; Fortis needs at least $3.2b, says Credit Suisse

June 15th, 2010 | No Comments

Parkway Holdings (P27.SG) pares gains, down 0.3% at $3.76 vs S$3.78 earlier, but holding near Khazanah Nasional’s partial takeover offer price of $3.78/share, says Dow Jones.

Price expected to hold around these levels until Fortis Healthcare (532843.BY) makes clear its intention for Parkway, in which it has over 25% stake, including shares from open market buying. Khazanah’s offer for 51.5% stake lapses July 8.

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