Free Press Journal

Fortis board to meet this week to consider M&A options


New Delhi : Fortis Healthcare on Monday said its board will meet on Thursday to “look at all eligible options” as two more parties have entered the fray to acquire it after its pact with Manipal Health Enterprises.

The company’s statement comes hours after Malaysia’s IHH Healthcare said Fortis has expressed inability to engage with it over its offer to acquire the Indian healthcare firm at up to Rs 160 per share due to binding agreements Manipal Health Enterprises.

IHH had last week joined the race to acquire India’s troubled Fortis Healthcare, offering to acquire its shares at up to Rs 160 apiece, higher than Manipal’s Rs 155 which valued the company at Rs 6,061 crore.

“The Fortis board will be meeting this week to look at all eligible options and determine the future course of action that is in the best interests of the company, employees and shareholders,” the beleaguered healthcare chain said in a statement.