Malaysian IHH extended bid for Fortis, offers Rs 175 / share
Malaysia's IHH Healthcare once again revised its proposal before Tuesday afternoon afternoon for all the binding offers fixed by the board of the Fortis. Along with this, the company has offered to invest directly. This time, the Malaysian company has proposed a proposal of Rs 175 per share.
4 bindings offer from entities
Fortis Healthcare said in a regulatory filing, "The company got the proposal revised by increasing IHH at the rate of 175 rupees per share." Fortis Healthcare has four properties, KKR-backed Radiant Life Care, IHH Healthcare, Manipal / TPG Consortium And have received binding offers from Munjal & Burman Family Offices.
Offer of Rs. 175 per share
IHH wrote to the Board of Directors of Fortis in the letter: "We want to repeat the seriousness and commitment of investment in the company. In this order, the IHH has increased its proposal. "Under the increased offer, an immediate equity investment made at the rate of Rs 175 per share. Even then equity investment not exceed Rs 175 per share.
The company said, "To avoid the fears, it implemented on the basis of a mutually acceptable binding definition document." IHH said the increased revised offer is valid till May 15th.
Board meeting on May 10
Last week, Fortis Healthcare said that its board the next meeting on May 10, in which a decision taken on the binding bids for the company on the recommendation of the Expert Advisory Committee (EAC).
The committee will evaluate all the binding bids received till 12 noon on May 1st except the Manipal-TPG consortium. The board decided that EAC would include Deepak Kapoor and Lalit Bhasin two members. The Board will consider EAC's recommendations on May 10.
Other companies also revised.
Prior to this, Manipal Health Enterprises revised its offer for Fortis on April 25, from which its hospital business valuation estimated at Rs 6,332 crore.
At the same time, IHH Healthcare revised its proposal with an offer of immediate investment of 650 crores, which was to done through the allotment of preferential issue and equity shares at the rate of Rs 150 per share, which is a total of Rs 4,000 crore part of. At the same time KKR Banked Radiant Life Care has also bidding the bidding offer.
Chinese company is also in the race
Apart from this, Fortis has received binding offers from Hero Enterprises Investment Office and Burman Family Offer. Hero Antirender Investment Office, led by Sunil Kant Munjal and Group Entities of Birmi Family, has a 3 per cent stake in Healthcare Chain.
Fortis has also got an unsolicited non-binding offer from Fosun Health Holdings, the unit of Chinese Group Fosun International.