Parkway Holdings (P27.SG) rises above Khazanah Nasional’s partial takeover offer price of $3.78/share, as investors bet healthcare group will receive counter offer from major shareholder Fortis Healthcare (532843.BY).

Stock +1.3% at $3.82. Still, volume light as investors await new developments. Khazanah meanwhile has just despatched offer document to shareholders for its partial takeover; offer ends July 8.

“Fortis may be able to launch a counter bid for Parkway at as much as $5.05 per share, assuming a partial offer of up to 51% stake,” says Kim Eng Securities, which has Buy call with $4.03 target. Expects stock’s downside to be limited by Khazanah’s $3.78/share offer. Fortis currently owns over 25% of Parkway.

Orderbook quotes suggest shares not likely to head above $3.88 for time being.