Khazanah Outbids Fortis In $2.6B Hospital Chain Offer

Law360, New York (July 26, 2010, 6:20 PM EDT) -- Malaysian state investor Khazanah Nasional Berhad has outbid Fortis Healthcare Ltd. in a battle for Parkway Holdings Ltd., offering SG$3.5 billion ($2.6 billion) for the Singapore-based hospital network and prompting Fortis to sell its shares.

Khazanah's Integrated Healthcare Holdings Ltd. said Monday that it had revised its earlier partial offer for Parkway in favor of a bid to acquire all of Parkway's outstanding shares that it does not already own. It has offered SG$3.95 per share in cash ($2.90).

“Under our voluntary general offer, Parkway shareholders...
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