Khazanah's partial offer for Parkway fails to get quorum
Malaysian fund Khazanah failed to get the minimum votes from Parkway Holdings’ shareholders in support of its partial offer to buy 27% in the Singapore healthcare firm, at the end of the original closing date of the offer.
By ET Bureau |
NEW DELHI: Malaysian fund Khazanah failed to get the minimum votes from Parkway Holdings’ shareholders in support of its partial offer to buy 27% in the Singapore healthcare firm, at the end of the original closing date of the offer.
Khazanah, that is locked in a takeover battle for Parkway with India’s Fortis Healthcare, has extended the closing date for the offer to July 26 from July 8.
Till July 8, shareholders with 59.2 crore valid votes, representing 68.6% of the total shares not owned by Khazanah, voted on the offer.
A little less than half the shareholders voted in favour of Khazanah. Khazanah requires the support of at least 50% of those voting to see through its partial offer. Shareholders holding 1.5 crore shares, representing only 5% of the 31.3 crore shares Khazanah needs, agreed to tender their share in the offer, Khazanah disclosed to the Singapore Stock Exchange.
On May 27, the Malaysian fund made a bid to buy an additional 27% for majority control of Parkway at $S3.78 a share. Last week, Fortis, the largest shareholder with 25%, along with promoters Malvinder and Shivinder Singh, responded with an offer to buy the remaining shares it does not own in Parkway at S$3.8 a share, making Parkway’s bid immaterial.
Analysts expect, Khazanah to better Fortis’ offer price and make a general offer to buy out the remaining 76%.
Khazanah, that is locked in a takeover battle for Parkway with India’s Fortis Healthcare, has extended the closing date for the offer to July 26 from July 8.
Till July 8, shareholders with 59.2 crore valid votes, representing 68.6% of the total shares not owned by Khazanah, voted on the offer.
A little less than half the shareholders voted in favour of Khazanah. Khazanah requires the support of at least 50% of those voting to see through its partial offer. Shareholders holding 1.5 crore shares, representing only 5% of the 31.3 crore shares Khazanah needs, agreed to tender their share in the offer, Khazanah disclosed to the Singapore Stock Exchange.
On May 27, the Malaysian fund made a bid to buy an additional 27% for majority control of Parkway at $S3.78 a share. Last week, Fortis, the largest shareholder with 25%, along with promoters Malvinder and Shivinder Singh, responded with an offer to buy the remaining shares it does not own in Parkway at S$3.8 a share, making Parkway’s bid immaterial.
Analysts expect, Khazanah to better Fortis’ offer price and make a general offer to buy out the remaining 76%.
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