Thursday, 19 April, 2018

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

Ranjan Pai CEO and MD of the Manipal Education and Medical Group. The Fortis Manipal deal is facing hurdles in the form of Fortis Healthcare shareholders including Eastbridge Capital a rival offer from IHH Healthcare and not to forget Daiichi Sankyo Fortis stock slumps 2% after IHH flags logjam
Anna Jefferson | 17 April, 2018, 06:14

The offers are from Manipal Health Enterprises, a joint one by Hero Enterprise Investment Office and Burman Family Office and Malaysia's IHH Healthcare Berhad. It opened at Rs 151.40 and touched high and low of Rs 152.20 and Rs 147.05, respectively, so far. In the revised offer, Manipal Group has pegged the hospital business of Fortis Healthcare at Rs 6,061 crore against the original offer of Rs 5,003 crore.

MUMBAI/BENGALURU, April 16 (Reuters) - Fortis Healthcare Ltd said on Monday its board would meet on Thursday to consider options after the hospital company became the target of rival takeover bids.

Last week, Fortis had received two binding offers - one is a revised offer from Manipal Health Enterprises and the second is a joint binding offer from Hero Enterprise Investment Office and Burman Family Office expressing interest in the company, it added.

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". On Monday, Fortis Healthcare's stock closed 2% down at Rs 149.

In addition, the company has received a non-binding expression of interest from IHH Healthcare Bhd, the statement said.

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A source told DNA Money, Fortis Healthcare has put off Malaysian offer and the Singh brothers' promoted company is only delaying announcement in order to eventually state that TPG-MHE's offer is best suited for all the stakeholders. According to sources, IHH is likely to revise its offer to acquire at least 26% shares of the company against the wish of the company's board.

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

When approached, IHH Healthcare declined to comment, whereas Fortis Healthcare maintained silence on DNA Money's questionnaire.

As reported by PTI, all the three options have different consequences for the future of Fortis and taking the right call will now be crucial.

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

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