Fortis Healthcare today dispatched a voluntary conditional cash offer document to the shareholders of Singapore-based Parkway Holdings, Fortis’ financial advisor RHC Holdings Private said, reported The Economic Times of India.

The offer closing date is set for 5.30 p.m. on Aug 12.

Fortis is making the offer through subsidiary RHC Holdings to acquire Parkway shares that it does not already own.

Fortis offer is priced at $3.80 per share of Parkway, operator of 16 hospitals with more than 3,400 beds across Asia.

Fortis is challenging an earlier counter offer by Malaysian wealth fund Khazanah Nasional Bhd.

Fortis’ financial advisors The Royal Bank of Scotland and Macquarie Capital said the dispatch included form of acceptance and authorisation and form of acceptance and transfer.

Fortis holds 25.37% of Parkway shares and its rival Khazanah 23.32%. But Khazanah’s bid is to raise its stake to 51.5% and take control of Parkway by buying 313 million shares at offer price of $3.78 per share.

Indian billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh lead the Fortis bid to take full control of Parkway.