IHH Healthcare joins race to acquire Fortis

Source: The Hitavada      Date: 14 Apr 2018 10:38:29


NEW DELHI,

(PTI),

MALAYSIA’S IHH Healthcare has joined the race to acquire India’s troubled Fortis Healthcare, offering to acquire shares at up to Rs 160 apiece, higher than Manipal Health Enterprises’ offer of Rs 155 per unit by valuing the company at Rs 6,061 crore. On Thursday, Sunil Kant Munjal-led Hero Enterprise Investment Office and Burman Family Office had also offered to invest Rs 1,250 crore in the healthcare chain at up to Rs 156 per share. Manipal Health Enterprises had raised its offer for Fortis Healthcare Ltd 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.

In a regulatory filing on Friday, Fortis Healthcare Ltd (FHL) said it has received an unsolicited non-binding expression of interest from IHH Healthcare Berhad for possible due diligence and participation with the company. The company also shared a letter sent to the board by the Malaysian healthcare major, which offered up to Rs 160 per share of Fortis. In the letter to the directors of FHL, IHH Healthcare Berhard Managing Director and Group CEO Tan See Leng expressed his company’s “strong interest in Fortis Healthcare Ltd”.