Here are 5 things to know about Manipal's bid for Fortis Healthcare:
Before the latest offer, Manipal Hospitals on May 6 offered to inject 21 billion rupees to help the ailing hospital operator meet its immediate cash needs. Manipal and its consortium partner TPG Capital were offering 160 rupees per share for the acquisition that time.
Fortis has been the target of five companies and investment groups, who are vying for control of its 30-odd hospitals across India. (Also read: Fortis Healthcare Bidding War: The Story So Far)
The country's private healthcare market is expected to enjoy strong growth with the introduction of a new government insurance plan that is expected to make private healthcare more affordable for millions of poor families.
Fortis has set up an advisory committee to evaluate the binding offers.
Some investors are unhappy that the Manipal-led consortium has been given more time than rivals to match or top the rival bids and say they plan to vote against the group if it is selected as the winning bidder, an IANS report said. (With inputs from Agencies)