Parkway Holdings (P27.SG) pares gains, down 0.3% at $3.76 vs S$3.78 earlier, but holding near Khazanah Nasional’s partial takeover offer price of $3.78/share, says Dow Jones.

Price expected to hold around these levels until Fortis Healthcare (532843.BY) makes clear its intention for Parkway, in which it has over 25% stake, including shares from open market buying. Khazanah’s offer for 51.5% stake lapses July 8.

“While we do not rule out a potential counter-bid offer, we maintain that Fortis would be hesitant to launch an outright general offer, given current valuation and the capital outlay involved,” says Credit Suisse, which has Neutral call on Parkway with $3.75 target.

Notes Fortis will need at least $3.2 billion to buy rest of Parkway, adds Parkway’s trading liquidity will be sharply reduced if Khazanah’s offer successful.