IHH Proposes Up to $1.3 Billion Fortis Bid, Topping TPG


Fortis Healthcare Ltd. said on Friday that Malaysia's IHH Healthcare Berhad had offered to buy the company at ₹160 per share, heating up the takeover battle for the firm.

Manipal Health Enterprises had raised its offer for Fortis Healthcare to Rs 155 per share by valuing the hospital business higher at Rs 6,061 crore, from an initial total equity valuation of Rs 5,003 crore. The two entities said they are concerned about Fortis' future and the company requires funding for its immediate needs as well as to develop its long-term value. The scheme is expected to increase patient numbers at private hospitals such as those run by Manipal and Fortis.

IHH Healthcare is offering Rs 160 per share subject to satisfactory completion of limited due diligence, Fortis said in a stock market disclosure.

The Fortis sale has been delayed due to the legal cases against its founders, brothers Malvinder and Shivinder Singh, who lost control of the healthcare firm after their stakes plunged to low single digits.

In the last few months Fortis has faced investigations by India's Serious Fraud Investigations Office and the Securities and Exchange Board of India for financial fraud - although Chief Executive Bhavdeep Singh has said he expects the probes to be over in the next 12 months.

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Fortis shares spiked following the report, although it wasn't immediately clear if the new bid would appease minority shareholders. The revised offer valued Fortis' hospital business at Rs 6,061 crore, or Rs 116 per share, up nearly 21% from the previous offer. Leng also hinted at the possibility of IHH making revised counter offer if the other suitors were to revise their bids.

"Our offer is simple and does not envisage any changes to the current structure, operations and assets of the company", Mr Sunil Kant Munjal of Hero Enterprise and Mr Mohit Burman of the Burman Family Office wrote in the letter.

"Our offer does not envisage any changes in the current structure, operations and assets of the company and is simple and is nearly immediately implementable", said Anand Burman.

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