IHH still keen on Fortis, extends bid validity to May 29

IHH still keen on Fortis, extends bid validity to May 29

FPJ BureauUpdated: Wednesday, May 29, 2019, 09:17 AM IST
article-image

New Delhi : Malaysian firm IHH Healthcare on Thursday said it has extended the acceptance period of its enhanced revised proposal for Fortis Healthcare to May 29 after which it shall lapse.

In a letter to the board of Fortis Healthcare, IHH Healthcare said it remains strongly committed to participate in bid for Fortis and is therefore very keen to understand the next steps the board is considering in the wake of the modified Manipal offer.

“If there is indeed a new bid process that the board is proposing to initiate, we would like to participate in such a process and request that we be kept informed of any developments regarding the same,” IHH Healthcare MD and CEO Tan See Leng said in the letter. “We fully respect any such process that is run by the board and reiterate that we wish to engage with the Board and the shareholders of Fortis in identifying a mutually-beneficial and optimal solution,” he added.

In light of the expiry of the company’s enhanced revised proposal on May 15, 2018, it extended the acceptance period of the same until May 29, 2018 after which it shall lapse, the letter said.

The letter, however, emphasised that the enhanced revised proposal by IHH must be accepted in its entirety and cannot be accepted together or in conjunction with any other investment proposal from any third party.

IHH Healthcare had increased its offer to directly invest in Fortis Healthcare at Rs 175 per share on May 1. It had initially made a non-binding offer to invest in Fortis at Rs 160 per share.

IHH had on April 24, revised it to binding offer to immediately infuse Rs 650 crore by way of a preferential issue and allotment of equity at Rs 160 per share in FHL as part of an overall proposal to invest Rs 4,000 crore.

Earlier this week, Manipal-TPG combine revised their offer for the cash-strapped healthcare chain with a proposal to invest in the company at Rs 180 per share, thereby increasing valuation of the company to Rs 9,403 crore. As many as five suitors were in the race for Fortis but after the company’s board decided to evaluate only binding offers, Malaysia’s IHH Healthcare, Munjal-Burmans, Manipal-TPG and KKR-backed Radiant Life Care put in their bids.

RECENT STORIES

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu..."; Here's How To Save...

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu...

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...