Sun, 26 Sep 2021 Today's Paper

Fortis Healthcare to form committee to assess binding bids

21 April 2018 12:13 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS:  Indian hospital operator Fortis Healthcare will set up an advisory committee to evaluate binding offers from suitors lining up to buy the cash-strapped company or take a stake.


Fortis has become the target of a takeover battle that includes offers from China’s Fosun International and Malaysia’s IHH Healthcare. Both offers, however, are non-binding as yet.


The other two offers  from local rival Manipal Health Enterprises and a consortium of two prominent Indian business families, Hero Enterprise and the Burman Family Office are both binding.


Manipal sweetened an earlier offer and now wants to buy Fortis for 155 rupees per share, valuing the company at INR 80.39 billion (US$1.2 billion).


Hero and Burman, which together hold a 3 percent stake in Fortis, upped their previous investment offer on Thursday. They want to invest INR 15 billion (US$228 million), or INR 156 per share, for a stake of about 18.5 percent.The advisory committee is expected to give its recommendation to the board on April 26.


The keen interest in Fortis comes as companies and investors look to tap soaring demand for private healthcare in India against the backdrop of a stretched public healthcare system.

Private hospitals could also be boosted from Prime Minister Narendra Modi’s plans to implement a healthcare programme aimed at providing insurance cover to about half of India’s population.


Fortis, which runs about 30 hospitals in India, said in a statement on Thursday that the evaluation committee will be chaired by PricewaterhouseCoopers India’s former chairman and CEO Deepak Kapoor.


Fortis grew rapidly for several years but has lately struggled with insufficient cash and increased debt, while regulators investigate allegations that its founders took funds without board approval. The founders, who have since left the company, deny wrongdoing.


Standard Chartered Bank, financial adviser to Fortis, will assist the advisory committee and the board, Fortis said.

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


A state-sponsored elephant racket in the works

A controversial new gazette has been issued seeking to employ elephants for w

Waiver of registration questioned: Import of covid related drugs, products shrouded in controversy

The National Medicines Regulatory Authority- the independent authority that r

Mysterious disease killing pups!

A mysterious respiratory disease affecting puppies in the Central Province is

Jacqueline Fernandez; Lankan Star Shining in Indian Film Sky

Sri Lanka’s Jacqueline Fernandez who has made a name for herself in India