Hotline: 1800 102 2007
X
Search Business Opportunities
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.

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.

Comment
Related opportunities
  • About Us: Growing Tots emerged in 2014. The Directors have 12..
    Locations looking for expansion Karnataka
    Establishment year 2009
    Franchising Launch Date 2014
    Investment size Rs. 5lac - 10lac
    Space required 2000
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Bangalore Karnataka
  • Quick Service Restaurants
    About: Go Italia is a casual dining Italian cuisine restaurant with..
    Locations looking for expansion Karnataka
    Establishment year 2013
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
  • Ice creams & Yogurt Parlors
    About Us: Bombay Kulfis set up their base in July 2016..
    Locations looking for expansion Andhra pradesh
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 50
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Hyderabad Andhra pradesh
  • Tea and Coffee Chain
    About Us: Springold ‘The Luxury Café (TLC) is the brainchild of..
    Locations looking for expansion Maharashtra
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities