Takeover battle looms for Fortis

May 28, 2010 - Age Correspondent |

New Delhi

It looks like the duo of Malvinder Singh and Shivinder Singh have a fight on their hands for the control of Singapore-based hospital firm Parkway Holdings.
Fortis, the hospital chain promoted by the duo, had acquired a 25.3 per cent stake in Parkway in March. Now their hold is being challenged by Khazanah Nasional, the M

alaysian state investment firm. Khazanah has made an open offer that will take its stake from 23 per cent now to 51.5 per cent — at a cost of $839 million.
Fortis refused to comment on whether it would fight back with a counter offer. Analysts are divided in their views on whether Fortis will slug it out or sell out. “It doesn’t look like the Singh family will like to give up their control of Parkway and they are likely to fight back with a better counter offer,” said Mr Sujay Shetty, who heads PricewaterhouseCoopers’ pharma practice in India.
Meanwhile, Mr Jaganna-dham Thunuguntla of SMC Capitals said that market expect Fortis to cash out its stake in Parkway. The shares of Fortis rose by 7.5 per cent on the BSE on Tuesday. This could mean the market’s view is that they may choose to sell out.

Post new comment

<form action="/comment/reply/15198" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd></li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-8e3ef59ce8ab5aa211dc96537f2163c2" value="form-8e3ef59ce8ab5aa211dc96537f2163c2" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="86707209" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>