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Was Suspended and not Halt. What happen. Good or bad???
I am glad they are OUT! Huat ahh...... 3.95!! bought 3.17!!
178investors ( Date: 26-Jul-2010 16:24) Posted:
latest news has it that the singh brothers tender all shares to khazana at 3.95 per share.
heng... no further crazy upward biddings... otherwise healthcare costs go skyward. |
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latest news has it that the singh brothers tender all shares to khazana at 3.95 per share.
heng... no further crazy upward biddings... otherwise healthcare costs go skyward.
IF not for morgan stanley letting out the "secret agreement", we will never know how "independent" is independent for directors like Seow. It seem Fortis inherited and continue this "secret agreement" after purchase of earlier stake from TPG. That would the "secret agreement" were already there many years ago.
SGX must look into the matter and not hesitate to bar any directors found in violation of market rules. In the past, our Regulator has been too market-friendly but not investor-friendly... very reason why there are so many rotten eggs here.
pharoah88 ( Date: 07-Jul-2010 15:24) Posted:
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Committee:
Seow shouldn’t be Parkway ID
SINGAPORE
By a majority vote of 3 to 1, the committee said Mr Seow “cannot be reasonably perceived to be able to exercise independent business judgement” as spelt out by the Code of Corporate Governance.
In a stock exchange filing yesterday, Parkway said Mr Seow was deemed to be not independent due to an agreement he made with rival bidder Fortis Healthcare of India in March.
This allowed Fortis to tell him how to vote at the shareholder and director meetings.
This is despite Mr Seow not holding a management position and having no business relationship with Parkway.
The committee, which include chairman Chang See Hiang, Mr Richard Seow, Mr Alain Ahkong Chuen Fah, Dato’ Mohammed Azlan bin Hashim, Mr Sunil Godhwani and Mr Sandeep Laumas, disclosed its position in reply to regulator queries.
It also stressed that Mr Seow “had always in the past exercised his independent business judgment with a view to the best interest of the company, and sees no reason why Mr Richard Seow will not be able to continue to act in the best interest of all shareholders in his capacity as director of the company going forward”.
In May, Integrated Healthcare Holdings — a subsidiary of Khazanah, the Malaysian government’s investment holding arm — made a partial takeover offer of $1.18 billion to acquire Parkway’s shares at $3.78 a share.
Earlier this month, Fortis made a counter bid of $3.2 billion in cash or $3.80 for each Parkway share that it did not own. — The nominating committee of health care provider Parkway said its vice-chairman Richard Seow should not be considered an independent director (ID) in relation to the partial offer by Malaysia’s state investment arm Khazanah. |
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Committee:
Seow shouldn’t be Parkway ID
SINGAPORE
By a majority vote of 3 to 1, the committee said Mr Seow “cannot be reasonably perceived to be able to exercise independent business judgement” as spelt out by the Code of Corporate Governance.
In a stock exchange filing yesterday, Parkway said Mr Seow was deemed to be not independent due to an agreement he made with rival bidder Fortis Healthcare of India in March.
This allowed Fortis to tell him how to vote at the shareholder and director meetings.
This is despite Mr Seow not holding a management position and having no business relationship with Parkway.
The committee, which include chairman Chang See Hiang, Mr Richard Seow, Mr Alain Ahkong Chuen Fah, Dato’ Mohammed Azlan bin Hashim, Mr Sunil Godhwani and Mr Sandeep Laumas, disclosed its position in reply to regulator queries.
It also stressed that Mr Seow “had always in the past exercised his independent business judgment with a view to the best interest of the company, and sees no reason why Mr Richard Seow will not be able to continue to act in the best interest of all shareholders in his capacity as director of the company going forward”.
In May, Integrated Healthcare Holdings — a subsidiary of Khazanah, the Malaysian government’s investment holding arm — made a partial takeover offer of $1.18 billion to acquire Parkway’s shares at $3.78 a share.
Earlier this month, Fortis made a counter bid of $3.2 billion in cash or $3.80 for each Parkway share that it did not own.
— The nominating committee of health care provider Parkway said its vice-chairman Richard Seow should not be considered an independent director (ID) in relation to the partial offer by Malaysia’s state investment arm Khazanah.
iS thErE a
CHiNA tOwn
iN iNDiA ?
CLARiFiCATiON
The commentary,
“Rivals should tread carefully” (July 5), cited Fortis chairman Malvinder Mohan Singh as saying it was not in Khazanah Nasional’s interest to executive a ‘poison pen’ clause that would be detrimental to the Parkway group’s financial health.
Fortis has clarified that Mr Singh did not make such a comment.
yalor! 2 cents!!! What do you expect from indians. They are known to offer peanuts. but in this case, the peanut offer is a blessing so khazanah won't push bid too high.
E-war ( Date: 01-Jul-2010 20:40) Posted:
Only 2 cents more?!
178investors ( Date: 01-Jul-2010 16:43) Posted:
Fortis offers $3.80, two-cents more than Khazanah. Hope the two don't bid up to crazy valuation, else all of us have to pay alot more for future healthcare costs. It will affect us all whether you visit private or public hospitals. |
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Anyone still holding this?
Only 2 cents more?!
178investors ( Date: 01-Jul-2010 16:43) Posted:
Fortis offers $3.80, two-cents more than Khazanah. Hope the two don't bid up to crazy valuation, else all of us have to pay alot more for future healthcare costs. It will affect us all whether you visit private or public hospitals. |
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Fortis offers $3.80, two-cents more than Khazanah. Hope the two don't bid up to crazy valuation, else all of us have to pay alot more for future healthcare costs. It will affect us all whether you visit private or public hospitals.
beh ta han!
Hi, any insight to the latest saga on Parkway now that trading's halt?
The acceptance forms for retail investors is confusing. The proposal may not go through as there will be too many odd lots after the acquisition. My take; it likely to fail. Good luck!
India banks ready to fund Fortis Parkway bid
Published on Mon, Jun 21, 2010 at 09:54 | Updated at Mon, Jun 21, 2010 at 10:42 | Source : Reuters
Indian banks have assured Fortis Healthcare they would give USD 2 billion the hospital chain may need for a takeover battle for Singapore's Parkway Holdings, the Economic Times reported on Monday.
Singapore's securities regulator has given Fortis until July 30 to say whether it intends to make a full offer for hospital operator Parkway, the subject of a partial takeover bid by Malaysian sovereign fund Khazanah.
Fortis, which already holds roughly 25% of Parkway, will have to offer over USD 2.3 billion to buy the rest of it.
Lenders such as State Bank of India, Axis Bank, Punjab National Bank and Yes Bank have given their "in-principle" commitment for the loan, the Economic Times said, citing a person close to the matter.
Citing an unnamed Yes Bank executive, the newspaper said, the private lender had committed Rs 500 crore (USD108 million) to Fortis if the Indian firm decides to place a counter bid for Parkway Holdings.
Officials at Fortis and the banks could not immediately be reached by Reuters for comment.
Fortis had wanted to build a controlling stake in the Singapore company before Khazanah made a surprise USD 835 million offer last month to lift its stake from 23.5% to 51.5%.
This morning just downgraded to "underweight" from "neutral" by JPMorgan.
Sporeguy ( Date: 14-Jun-2010 16:51) Posted:
Parkway went down the opposite way by 8c to $3.77.
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Too bad many newbies can't even analyse their charts as
the charts on the
SGX website are not fully updated for Friday's prices...
Parkway went down the opposite way by 8c to $3.77.
Wow, makes this battle pretty one sided then.
DJ Malaysia May Curb Parkway Holdings Business If Fund Loses Bid
SINGAPORE (Dow Jones)--The Malaysian government may curb the business of Parkway Holdings Ltd. (P27.SG, PKWXY) if a unit of sovereign wealth fund Khazanah fails in its bid to take a controlling stake in the Singapore health-care company, the Business Times reported Saturday, quoting unidentified officials.
Integrated Healthcare Holdings, a wholly owned subsidiary of Khazanah, launched a S$1.18 billion ($842.1 million) partial takeover for Parkway on May 27. The offer is likely to be countered by India's Fortis Healthcare Ltd. (532843.BY), which bought a 23.9% stake in Parkway in March to expand its presence beyond India.
The Malaysian government may refuse to renew contracts for two hospitals Parkway helps manages through Pantai Medical Group, which is 40% owned by the Singapore-based company and 60% by Khazanah. The Malaysian business accounts for a third of Parkway's earnings before interest, taxes and depreciation, the report said.
"The crux of the issue is that the (Malaysian) government will not allow Pantai to be managed by people considered to be an unfriendly foreign party. And Fortis is decidedly unfriendly," the report quoted the official.
The report said a Khazanah spokesman declined comment for the story.
