IHH Proposes Up to $1.3 Billion Fortis Bid, Topping TPG

IHH Proposes Up to $1.3 Billion Fortis Bid, Topping TPG

IHH Proposes Up to $1.3 Billion Fortis Bid, Topping TPG

On Wednesday, IHH made a non-binding offer to the board of Fortis Healthcare offering Rs 160 a share for its hospitals and diagnostics business.

IHH's valuation tops the other two offers that Fortis got from Manipal-TPG consortium and a joint bid from Munjal (Hero) and the Burmans (Dabur).

The regulatory investigations, tightened credit, a lack of liquidity and a smaller board has "adversely impacted decision-making" at Fortis, IHH said in the letter, and asked Fortis to respond to its offer before April 18. Increasing access to healthcare services and a government drive to expand health insurance are expected to increase footfalls at hospitals, benefitting chains such as Manipal and Fortis. The Fortis Healthcare is said to have only Rs 700 million in liquid cash.

They are entering the fray as founders Malvinder Singh and Shivinder Singh were unable to repay loans and lost Fortis shares put up as collateral.

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In February, the Singh brothers had resigned from the board and now own just 0.77% in Fortis, compared to the 25% stake they held at the end of December 2017, stock-exchange filings show.

Fortis shares spiked following the report, although it wasn't immediately clear if the new bid would appease minority shareholders.

Manipals are offerring Rs 155 per share.

IHH, one of Asia's largest healthcare operators, has been scouting acquisitions to grow in India, where it has said before that it expects a spike in demand for private healthcare.

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In a fresh development on Thursday, Hero Enterprise Investment Office and the Burman Family Office had jointly proposed to invest Rs 1,250 crore in the company through a preferential allotment, subject to certain conditions.

"Our offer does not envisage any changes in the current structure, operations and assets of the company and is simple and is nearly immediately implementable", said Anand Burman.

Manipal, seeking to expand its presence beyond southern India, first offered to buy Fortis last month, proposing a deal that would give control of the combined company to Manipal Chief Executive Ranjan Pai and USA buyout firm TPG Capital. The deal with Manipal is likely to take up to 12 months to complete. Ltd are already vying for Fortis Healthcare assets.

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