Shares of Singapore hospital operator Parkway Holdings (PARM.SI) rose 8.4% on Friday after Indian healthcare firm Fortis (FOHE.BO) launched a counterbid which valued the company at US$3.1 billion ($4.3 billion).

Around 0100 GMT, Parkway shares were traded at $3.87, up 8.4% from Wednesday. The stock was suspended from trading on Thursday. 

 

Fortis’ bid valued Parkway at $3.80 a share, slightly above Khazanah’s offer of $3.78. 

 

Fortis, which controls just over 25% of Parkway, had intended to build a controlling stake in the firm before Khazanah made a surprise US$835 million partial offer in May to lift its stake to 51.5% from around 24%.