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.
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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.
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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.