Fortis out of the race for Parkway Holdings with a cool 85 million Singapore law firms Allen amp Gledhill WongPartnership Stamford Law and Rajah amp Tann advise

Malaysian Sovereign wealth fund Khazanah outbid Fortis Healthcare to acquire Parkway Holdings, Southeast Asia’s largest hospital chain, for around Rs. 11,700 crore ($2.6 billion)..Malaysian Sovereign wealth fund Khazanah outbid Fortis Healthcare to acquire Parkway Holdings, Southeast Asia’s largest hospital chain, for around Rs. 11,700 crore ($2.6 billion)..The winning bid by subsidiary Integrated Healthcare Holdings Limited of Khazanah Nasional, an investment holding arm of the Government of Malaysia, outbid Fortis Healthcare’s Rs.10,350 crore ($2.3 billion) voluntary conditional cash offer (via RHC Healthcare Private Limited, which is owned by RHC Holding Private Limited and Fortis Healthcare Limited) to acquire all the issued and paid-up ordinary shares in Parkway Holdings. Brothers Malvinder and Shivinder Mohan Singh withdrew from the battle agreeing to sell their 25 percent stake to Khazanah for a premium over the price they had bought it for to make nearly $85 million (Rs. 382 crore)..Am Law Daily reports that Khazanah Nasional Berhad had initially made a Rs. 3,757 crore ($835 million) voluntary conditional cash partial offer (via its subsidiary, Integrated Healthcare Holdings Limited) to increase its stake in Parkway Holdings from 23.9 percent to 51 percent..Allen & Gledhill advised Khazanah with M & A Practice co-heads Andrew M. Lim and Lim Mei leading the team along with Partner Lee Kee Ying. Allen & Gledhill also advised Deutsche Bank and CIMB Bank Berhad, the financial advisers on the deal..Fortis was advised by Lee Suet Fern from Stamford Law and Kian Hwee Goh from Rajah & Tann. AZB & Partners from India, was also involved in Fortis Healthcare’s acquisition in Parkway Holdings during the first round..WongPartnership LLP has advised Parkway Holdings in respect of the competing offers made by Khazanah and the Fortis Group. Managing Partner Dilhan Pillay Sandrasegara along with Partners Andrew Ang and Linda Wee advised the Singapore Healthcare company..Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.