BANGKOK -- Thailand's leading private hospital chain has launched a takeover bid for Bumrungrad Hospital, a top destination for high-end medical tourism.
Bangkok Dusit Medical Services, already Bumrungrad's largest shareholder at 25%, will offer 125 baht each for the remaining shares, it was announced Thursday. The deal will be worth up to 102.7 billion baht ($3.23 billion).
Bumrungrad's services have been compared to that of a five-star hotel. High-end suites feature separate living rooms, bedrooms for family members, and various amenities such as refrigerators and minibars. Bumrungrad says that it is the first hospital in Asia to be built to U.S. National Fire Protection Association standards.
A successful buyout will grant BDMS access to the Bangkok hospital's wealthy, A-list clientele.
Bumrungrad's stock jumped 16% during Thursday's trading amid the news, while BDMS climbed 6%.
BDMS operates 48 hospitals in Thailand and Cambodia. The group also has attained growth by targeting affluent Thais and foreign patients.
The chain's revenue bounced 17% to 91.5 billion baht last year, BDMS reported Thursday, while net profit soared 69% to 15.5 billion baht. The group aims to capture rising health care demand in China, the Middle East, and neighboring countries including Vietnam and Cambodia.