INSUBCONTINENT EXCLUSIVE:
IHH Healthcare's offer is at a 19.5% premium to Fortis' closing price on Thursday.MUMBAI: Fortis Healthcare Ltd said on Friday it accepted
an investment offer from Malaysia's IHH Healthcare Bhd, capping a months-long bidding war for control of the firm that drew interest from
domestic and international suitors.Cash-strapped Fortis said IHH will invest Rs 4,000 crore ($584.11 million) at Rs 170 per share in the
company that operates about 30 private hospitals in India, where the race to cash in on a private healthcare boom is heating up.The offer is
at a 19.5 per cent premium to Fortis' closing price on Thursday.Northern TK Venture Pte Ltd, Singapore, a unit of IHH, will be issued 235.3
million new Fortis shares through a preferential allotment, giving it roughly 31 per cent of the company's total voting equity share
capital.IHH said in a separate statement it expects the deal to be completed in the fourth quarter and does not expect it to have any
material effect on profits for the fiscal year ending December 31.Recent developments in the healthcare industry made Fortis an attractive
Manipal Health Enterprises Ltd, along with private equity firm TPG Capital, and KKR Co-backed Radiant Life Care Pvt Ltd had also bid for
stakes in Fortis.Private healthcare spending in te country is rising, and the government is working on expanding insurance to hundreds of
millions of people in a country that lacks adequate heath facilities
2018(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
