Hotline: 1800 102 2007
Hotline: 1800 102 2007
Apr, 24 2018

Fortis gets revised offer from rebuffed IHH Healthcare

The revised offer includes a binding proposal for an immediate infusion of 6.50 billion rupees.

Fortis gets revised offer from rebuffed IHH Healthcare

With the competition for Fortis takeover getting higher, Malaysia’s IHH Healthcare Bhd has revised its proposal for India’s Fortis Healthcare Ltd, making a binding proposal for about a fifth of its offer value, as the battle for the takeover of Fortis escalates.

The revised offer includes a binding proposal for an immediate infusion of 6.50 billion rupees ($98.0 million).

IHH plans to infuse the amount via a preferential issue and allotment of shares at 160 rupees per share for which it would be given the right to appoint two directors on Fortis board, IHH said.

The non-binding part of the proposal is for subsequent infusion of up to 33.50 billion rupees.

Earlier this month, IHH, one of Asia’s largest healthcare operators, said it was ready to infuse 40 billion rupees at up to 160 rupees per share.

Fortis, which confirmed the receipt of IHH’s revised offer, has received as many as five offers for control of its hospital business. Rival hospital operator Manipal Healthcare Enterprises Pvt Ltd and a consortium of two prominent Indian business families have submitted a binding bid and an investment offer, respectively.

China’s Fosun International (0656.HK) and KKR-backed Radiant Life Care Private Ltd are the other suitors.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Car Showroom
      a.     Our Vision- Provide affordable luxury to aspirants with afforda..
    Locations looking for expansion Delhi
    Establishment year 2015
    Franchising Launch Date 2018
    Investment size Rs. 2 Cr. - 5 Cr
    Space required 12000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi Delhi
  • Casual Dine Restaurants
    For more than six and a half decades, Prabhuji Pure..
    Locations looking for expansion West bengal
    Establishment year 1950
    Franchising Launch Date 2020
    Investment size Rs. 1 Cr. - 2 Cr
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Kolkata West bengal
  • Imitation/Art/Junk Jewellery
    About Us: Incepted in 2013, Voylla is India’s largest fashion jewelry..
    Locations looking for expansion Rajasthan
    Establishment year 2013
    Franchising Launch Date 2017
    Investment size Rs. 20lac - 30lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Sanganer Rajasthan
  • About Us: Trio is a reputed and widely recognized name in..
    Locations looking for expansion Karnataka
    Establishment year 2008
    Franchising Launch Date 2020
    Investment size Rs. 5 Cr. above
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities