Saturday, 21 April 2018
Latest news
Main » IHH Healthcare's offer rejected by Fortis

IHH Healthcare's offer rejected by Fortis

17 April 2018

However, the latter stated that the board is yet to take a decision on any of the three offers it received in the last one week.

Meanwhile, Sunil Kant Munjal of Hero Enterprise Ltd, and Dabur Ltd's Anand Burman and Mohit Burman, who are existing shareholders of Fortis Healthcare, have offered to pump Rs1,250 crore into the firm as well.

Malaysia's IHH Healthcare Bhd has made a proposed offer for Fortis worth $1.3 billion, while smaller local rival Manipal Health Enterprises Pvt Ltd, has made an offer of about $1.2 billion.

On March 27, Fortis Healthcare had announced plans to demerge its hospitals business (Fortis Hospitals) into Manipal Hospital Enterprises Private Limited (Manipal Hospitals).

Fortis Healthcare on Monday said its Board will meet this week to "look at all eligible options" as new parties have entered the race to acquire it after the pact with Manipal Health Enterprises.

As part of its proposal, Tan stated that IHH will also work with the board and management of Fortis to identify optimal financing solutions to enable the company to "fulfil its commitments during this challenging phase and stay afloat".

Kelly accused of giving woman STD in latest sexual misconduct allegations
Merritt is expected to hold a news conference Wednesday at Dallas Police headquarters. Parents Jonjelyn and Timothy Savage were the first to break the news against Kelly .

IHH, one of Asia's largest healthcare operators, said Fortis Healthcare had declined to engage with it on its offer. Brothers Malvinder Singh and Shivinder Singh have resigned from the company and have lost control of their shareholding due to mounting debt.

Though the revised MHE's offer had a validity of seven days starting April 10, with the board meeting on Thursday, the validity has likely been extended by a couple of days.

In the meantime, shareholders of IHH have been advised to exercise caution and seek appropriate independent advice when dealing in its shares.

IiAS believes the current board can get additional support in assessing the three bids and come to a decision on the complex sets of pulls and pressures, without necessarily waiting for board expansion.

"As an alternate to expanding the board, the company must appoint a special committee to the board, that will advise the board on the sale", it said.

As per the report, "shareholders need a decision-making body that is objective, independent, and does have a historical association with the promoter group or their companies".

IHH Healthcare's offer rejected by Fortis