Fortis unable to engage with our offer, says IHH Healthcare of Malaysia

It cites its binding agreements with Manipal Health, Manipal Global Health and TPG as the reason.

April 16, 2018 04:21 pm | Updated 06:32 pm IST - CHENNAI:

Fortis hospital in Gurugram on Tuesday. Photo by Manoj Kumar 21.11.2017

Fortis hospital in Gurugram on Tuesday. Photo by Manoj Kumar 21.11.2017

IHH Healthcare Berhad of Malaysia, on Monday, said that Fortis Healthcare had indicated its inability to engage with the firm on its bid to buy Fortis.

Last week, IHH Healthcare Berhad had made an offer to buy the company at ₹ 160 per share, heating up the takeover battle for Fortis.

Fortis received a sweetened offer from Manipal Hospitals Enterprises Pvt. Ltd. and TPG at ₹ 155 per share. Hero Enterprise Investment Office and the Burman Family Office have also made a binding offer to invest a total of ₹ 1,250 crore through a preferential share allotment at at least ₹ 156 rupees a share.

In an announcement to Malaysia’s stock exchange, IHH said Fortis cited the binding agreements that it had entered into with Manipal Health Enterprises Private Limited, Manipal Global Health Services and TPG Asia as its reason for is inability to engage with the company.

``At this juncture, IHH has not entered into any discussions, negotiations or transactions,’’ it added.

IHH, in its offer letter to Fortis on April 11, pointed out that Manipal and TPG offer involved various complex steps over a prolonged period. IHH said it could provide an alternative offer which would provide a better option to the company’s shareholders at an attractive valuation.

Meanwhile, Fortis said its board would meet on April 19 to consider and decide on various bids/proposals received by the company with respect to the ongoing fund raising, re-structuring, and such related activities.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.