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July 27, 2010 2:16 PM

Top Singapore Firms Lead on Khazanah Bid for Parkway Holdings

Posted by Anthony Lin

Most of Singapore's top domestic law firms got in on the scrum that saw Malaysia's sovereign wealth fund outbid an Indian health care group to acquire Parkway Holdings Ltd., Southeast Asia's largest hospital chain, for around $2.6 billion. The deal was announced Monday.

The bid by a wholly owned subsidiary of Khazanah Nasional, an investment arm of the Malaysian government, beat out a $2.3 billion bid by India's Fortis Healthcare for Parkway. Khazanah initially put forth a partial offer of $835 million in May in an attempt to increase its stake in Parkway from 23.9 to 51 percent, according to this news report from Dow Jones.

Khazanah is represented on the deal by Singapore's largest law firm, Allen & Gledhill. Mergers and acquisitions practice coheads Andrew M. Lim and Lim Mei are leading the team, which also includes partner Lee Kee Ying. Allen & Gledhill also is advising Deutsche Bank and CIMB Bank Berhad, the financial advisers on the deal.

Parkway was represented on the deal by Andrew Ang and Linda Wee of Singapore-based WongPartnership.

New Delhi-based Fortis, which put forth its offer on July 1, will abandon its bid and sell its stake to the Malaysian sovereign wealth fund, according to Dow Jones. As DealBook reported at the time of Fortis's bid, analysts expected the price increase to set off a bidding war. "I don’t think it’s going to stop there," Ambareesh Baliga, an analyst at Karvy Stock Broker in Mumbai, told DealBook. "The bidding will go on for a while longer."

Fortis was advised on its bid by Lee Suet Fern at Singapore's Stamford Law and Kian Hwee Goh at Rajah & Tann, also in Singapore.

Several of the firms involved in the deal are current or former joint venture partners of international law firms in Singapore. Allen & Gledhill remains in a joint venture with Linklaters, while Clifford Chance and WongPartnership ended a similar arrangement in November 2008. Stamford participated in a short-lived JV with Shearman & Sterling that ended in 2002.

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