IHH, Manipal-TPG Submit Binding Bids For Fortis As Deadline Expires
IHH Healthcare Berhad has submitted a fresh binding offer to the board of Fortis Healthcare Ltd., with the deadline to submit bids set to expire today
The binding offer “supersedes and replaces” its earlier “enhanced revised proposal” to the Fortis board, Asia’s largest healthcare company said in a regulatory filing. It did not disclose the details of the fresh offer.
Besides IHH, TPG-backed Manipal Health Private Enterprises Ltd. also submitted its final bid for India’s second largest hospital chain, a person aware of the development told BloombergQuint on the condition of anonymity. The family offices of Munjals and Burmans, who had submitted a partially binding joint bid at the start of the fresh round of bidding, have decided to not proceed with their offer, another person privy to the information said.
It’s unclear whether Radiant Life Care Pvt. Ltd., which received an approval from the Fortis board to bid in this round, has finally put in a bid.
Last month, the troubled Fortis Healthcare had extended the deadline for submitting binding bids due to delay in the release of audited financial results. That was after Fortis initiated a fresh bidding process following a complete revamp of its board of directors.
The takeover battle for Fortis Healthcare started earlier this year when founders Malvinder Singh and Shivinder Singh lost shareholding control as lenders invoked pledged shares due to mounting debt. They then stepped down from the board amid allegations of siphoning funds.
The Fortis stock closed 6.7 percent higher following the announcement, while the benchmark BSE Sensex closed 0.48 percent higher.