INSUBCONTINENT EXCLUSIVE:
Fortis Healthcare currently has five different takeover bids to choose from
Fortis Healthcare has appointed Renuka Ramnath and Lalit Bhasin as members of an
expert advisory committee that is entrusted with the task of evaluating the binding offers made by various corporate groups that include
Manipal Group and Hero Enterprise-Burman Family
According to a BSE filing made by Fortis Healthcare on Friday, Ramnath who is a former managing director and CEO of ICICI Venture and
Bhasin, president, Society of Indian Law Firms are part of the committee, which the company's board has set up to evaluate all binding
proposals for fund infusion.The panel is lead by Deepak Kapoor, Former Chairman and CEO of Price Waterhouse Coopers, India
The committee has been "requested to provide a report of its recommendation to the Board, by April 26, 2018.The panel is likely to meet by
April 25 to decide on the merger or buy offers, Brian Tempest, Director of Board, Fortis Healthcare, said on Thursday.Radiant Life Care
OfferFortis Healthcare on Thursday disclosed that it has received "an unsolicited non-binding expression of interest (EoI)" from KKR-backed
Radiant Life Care with "a proposal for making investment and or re-structuring the company subject to certain conditions as mentioned in the
As per the filing, Radiant Life Care, in its letter to the company's Board on Thursday, made an offer to buy out 26 per cent stake in the
company at a price of Rs 126 per share, excluding the SRL Diagnostics' business.Hero Enterprise-Burman Family OfferOn Thursday, Fortis
Healthcare had said its Board has received two improved binding offers to invest in the company from Hero Enterprise Investment Office and
the Burman family Office as well as IHH Healthcare Berhad
The new binding offer from Hero Enterprise Investment Office and the Burman Family Office entails an investment of Rs 1,500 crore directly
in the company and will replace the original offer made to the Board on April 12, 2018.On April 12, 2018 Hero Enterprise promoted by Sunil
Munjal and the Burman family offered to invest Rs 1,250 crore directly in Fortis Healthcare.IHH Healthcare Berhard OfferThe company had
revealed that it has received a "supplemental proposal" from IHH Healthcare Berhard
On April 14, the company reported that it has received EoI from IHH Healthcare Berhad for possible due diligence and participation with the
The IHH in its letter to the company's Board on April 11, 2018 made an offer of Rs 160 per Fortis share.China's Fosun Health Holdings
OfferBesides IHH, Fortis Healthcare has received "an unsolicited non-binding expression of interest (EoI)" from Fosun Health Holdings for a
Fosun Health Holdings, in its letter to the company's Board, made an offer of a "primary infusion at a price up to Rs 156 per share, subject
to due diligence to be completed within three weeks, up to a total investment of $350 million" including a preliminary investment of up to
Rs 100 crore.Manipal Hospital OfferFortis Healthcare on March 27 had announced plans to demerge its hospitals business (Fortis Hospitals)
into Manipal Hospital Enterprises Private Ltd (Manipal Hospitals)
At that time, the company had said that the proposed transaction is subject to shareholders' approval, creditors' approval, applicable
regulatory approvals (including Competition Commission of India, SEBI, stock exchanges and National Company Law Tribunal and other customary
The company's board has also approved the sale of its 20 per cent stake in SRL Ltd to Manipal Hospitals.(Except for the headline, this story
has not been edited by staff and is published from a syndicated feed.)
