Parkway Holdings shares surged on hopes that a bidding war for the hospital operator will emerge.

At one time, its share price reached $3.85, higher than the $3.78 per share bid made by Integrated Healthcare Holdings (IHH), a unit of Malaysian sovereign wealth fund, Khazanah.

Reports have emerged that India-based Fortis Healthcare, which now holds a 25 percent share in Parkway, is set to make a general bid for the hospital operator. This comes after Fortis planned to raise around $828 million through a sale of its own securities.

In May, IHH launched a $1.18 billion partial takeover bid to purchase shares of Parkway and raise its stake in the hospital operator to 51.5 percent. In addition, IHH also sent its formal offer documents to shareholders.

The document states that the closing date for shareholders in Parkway to lodge their votes is July 8.

The settlement date is within ten days of the closing date once the bid becomes successful.

The offer needs the approval of more than 50 percent of shareholders and valid acceptances for at least 313 million shares.

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