Fortis Board Decides To Consider Offers From Four Bidders

The Fortis board will evaluate bids from Hero-Burman group, Manipal Health Enterprises and TPG, IHH Healthcare Bhd and Radiant Life Care

Fortis Board Decides To Consider Offers From Four Bidders

Fortis board previously agreed to an investment offer of Rs 1,800 crore from Hero-Burman group

The Fortis Healthcare said on Friday its board had decided to consider offers from four parties in a fresh round of bidding for the hospitals operator, following a fierce takeover battle involving five suitors. The board will evaluate bids from Hero-Burman group, a consortium of Manipal Health Enterprises and the private equity firm TPG, Malaysia's IHH Healthcare Bhd and Radiant Life Care Private Ltd, Fortis said in a statement.

Fortis said it had received interest from "various interested parties" on Thursday and the board decided to consider these four offers.

An expected boom in India's private healthcare sector has sparked a keen interest in Fortis. Its board previously agreed to an investment offer of Rs 1,800 crore ($265 million) from the Hero-Burman group, but a lukewarm response from shareholders triggered the new bidding process.

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"The company has received interest from various interested parties on May 31, 2018 as per the timelines specified in the invitation for transaction participation. The Board of the company has now decided to include the following four parties in the Process and has initiated various steps as outlined in the Transaction Process Letter," Fortis said in a stock market filing,


 
© Thomson Reuters 2018


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