Parkway shareholders vote for Khazana arm's S$3.78 per share offer
21 July 2010
Integrated Healthcare Holdings Ltd, an arm of Malysia's sovereign fund, has secured the backing of 70 per cent of eligible shareholders of Singapore-based hospital group Parkway for its takeover offer, trumping a slightly higher offer by India-based Fortis Healthcare.
IHHL launched a $835 million partial offer for 51.5 per cent of Parkway stake at S$3.78 per share against Fortis' S$3.8 per share counter offer to fully acquire Parkway for around S$2.3 billion.
Integrated Healthcare Holdings Ltd's partial offer received 604,926,786 valid votes, representing 70 per cent of eligible shareholder votes, IHHL said in a filing with the Singapore Stock Exchange.
"As on July 20, IHHL has received an aggregate of 604,926,786 valid votes from offer shareholders on the partial offer," the filing said.
While the shares amount to 70 per cent of the total number of shares eligible to vote, only 5 per cent of the shareholders have tendered their acceptances so far, the filing said.
"In addition, 15,661,986 shares have been tendered as acceptances, representing approximately 5 per cent of the 313,000,000 offer shares," it added.