New Delhi : Fortislthcare board on Thursday approved evaluation of only binding offers and formed an expert committee to evaluate the proposals and make a final recommendation by April 26.
The troubled healthcare chain had received binding offers from Manipal/TPG consortium, and Munjal and Burman family offices.
It had also received non-binding expression of interests from Malaysia’s IHH Healthcare Berhad and Chinese firm Fosun Health Holdings.
“In exercise of its fiduciary duties, the board has decided to evaluate the binding offers and has appointed an advisory committee and also directed Standard Chartered Bank (SCB) to assist the committee,” Fortis said.
Meanwhile, Hero Enterprise Investment Office and Burman Family Office improved their offer by willing to invest Rs 1,500 crore directly at a valuation of Rs 161.6 per share from the earlier Rs 1,250 crore.
The Manipal/TPG led consortium had raised their offer for Fortis last week to Rs 155 per share by valuing the hospital business higher at Rs 6,061 crore from Rs 5,003 crore in its initial offer on March 27.
Malaysia’s IHH Healthcare, which had last week offered to acquire stake in the Indian firm at Rs 160 per share, also upped the ante by proposing to infuse Rs 4,000 crore through a preferential allotment of equity shares at a price not exceeding its offer share price.
Fortis Healthcare had also received an unsolicited non-binding expression of interest from Fosun Health Holdings, an arm of Fosun International, with a proposal of primary infusion at a price up to Rs 156 per share up to a total investment of $350 million (over Rs 2,295 crore).
Fortis said the advisory committee will be chaired by Deepak Kapoor, former chairman and CEO of PwC India. The advisory committee will, after due evaluation and post taking into account the independent view of Standard Chartered Bank, make a final recommendation to the board by April 26, 2018, it added.
The final proposal will be put forward to the shareholders for their approval, it added. In a joint statement, the Fortis board said the company has over the past many months been involved in deliberations for a potential transaction with the objective of partnering with strong players that would help it strategically and financially before entering into a transaction with Manipal/TPG consortium on March 27, 2018.
