INDIAN medical firm Fortis Healthcare has until July 30 to say if it is going to make a bid for heath-care group Parkway Holdings.
The call came on Wednesday from the Securities Industry Council (SIC), the watchdog for takeovers and mergers. It said in a statement that 'Parkway shareholders should be given sufficient information, advice and time to enable them to reach an informed decision on the partial offer'.
Analysts say the SIC move will put more pressure on Fortis to finally show its hand.
It also seems no coincidence that it came just one day after Fortis further teased the market about its plans by saying that it was 'keeping its options open' even as Khazanah Nasional attempts its own takeover of Parkway.
Fortis told the Bombay Stock Exchange that it 'will continue to evaluate its options in the best interests of shareholders' and make 'further announcements on its response to the Khazanah partial offer'.
The potential bidding war between Fortos and Khazanah has created a stir in both the Indian and Singapore stock markets in recent weeks, in what has been a relatively quiet mergers and acquisitions (M&A) year.
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