Hotline: 1800 102 2007
Hotline: 1800 102 2007
May, 14 2018

Manipal, IHH Healthcare Expresses Disappointment After losing Fortis deal

IHH managing director and CEO Tan See Leng and Manipal group chairman Ranjan Pai said also in separate statements that their respective bids offered the best short- and long-term plans for Fortis.

Manipal, IHH Healthcare Expresses Disappointment After losing Fortis deal

Malaysia’s IHH Healthcare Bhd and homegrown hospital chain Manipal Health Enterprises Pvt. Ltd has expressed their disappointment over the decision by the board of Fortis Healthcare Ltd to choose the Munjal-Burman combine as the winner of a five-way takeover battle.

IHH managing director and CEO Tan See Leng and Manipal group chairman Ranjan Pai said also in separate statements that their respective bids offered the best short- and long-term plans for Fortis.

“Our bid, which offers the highest price and most comprehensive solution, addresses the short-term liquidity requirement and long-term strategic objectives of the company,” the IHH CEO said.

“We remain committed and are currently evaluating our options. We are open to further discussions with all stakeholders and look forward to the support of Fortis shareholders,” he added.

IHH Healthcare had proposed to infuse Rs 650 crore immediately at Rs 175 per share, and another Rs 3,350 crore after due diligence.

Over the past few months, media reports have indicated that IHH Healthcare could launch an open offer for Fortis shareholders. IHH’s statement on Friday didn’t say if it plans to take any such action.

Meanwhile, Pai said Manipal’s offer was in the interests of all stakeholders, including shareholders. “After many months of engagement with Fortis, including due diligence, we are disappointed that the board has come to this conclusion,” he said.

“Our offer comprised a significant and necessary immediate investment, a clear strategic plan to fundamentally transform Fortis, as well as synergies from a combination with Manipal. It is now for shareholders to decide whether they will accept the board’s recommendation,” Pai added.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Quick Service Restaurants
    About Us: Wrap It Up, Headquartered in the United Kingdom is..
    Locations looking for expansion Delhi
    Establishment year 2004
    Franchising Launch Date 2006
    Investment size Rs. 30lac - 50lac
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • About Us: Big V Telecom is India's leading Business Telephony Service Provider,..
    Locations looking for expansion Maharashtra
    Establishment year 2009
    Franchising Launch Date 2010
    Investment size Rs. 5lac - 10lac
    Space required 100
    Franchise Outlets 50-100
    Franchise Type Unit, Multiunit
    Headquater Nagpur Maharashtra
  • Pathological Labs
    About Us: We offer Pathology benefits that utilization front line innovation..
    Locations looking for expansion New Delhi
    Establishment year 2019
    Franchising Launch Date 2019
    Investment size Rs. 2lac - 5lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi New Delhi
  • Furniture/Home Decor & Furnishing
    About Us: CROMATICA brand owned by Ashirwad Technocrats, a 21-year-old company,..
    Locations looking for expansion Karnataka
    Establishment year 1996
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
Insta-Subscribe to
Entrepreneur
Magazine
sme-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities