Parkway Holdings (P27.SG) gaps up at opening, last +7.3% at $3.83, as investors hold out for Khazanah Nasional to unveil new bid to counter Fortis Healthcare’s (532843.BY) $3.80/share general offer.

“We believe the offer, which is strategically priced in our view, is likely an attempt to test the market’s reaction (including Khazanah’s) and to quell fears that Fortis may overpay for Parkway,” says OCBC analyst Kevin Tan; notes price only slightly above Khazanah’s $3.78/share offer.

“Shareholders should hold off acting on it until nearer to its closing date. Should there still be inaction on Khazanah’s part, we would then advise shareholders to accept the offer,” says Tan.

Khazanah may keep mum until its current partial offer closes July 8. Orderbook quotes suggest minimal upside beyond early high of $3.87.