IHH is said to propose up to $1.3b offer for Fortis, topping TPG


MUMBAI/ (April 12): IHH is proposing a potential offer for Fortis Healthcare that could value the company at as much as $1.3b, which would top the bid from a TPG-backed consortium, according to people with knowledge of the matter.

* IHH sent a letter to the Fortis board Wednesday saying it may be willing to pay as much as 160 rupees per share to take over the Indian hospital operator, the people said, asking not to be identified because the information is private

* IHH has asked the Fortis board for some time to update its due diligence before making a formal bid, the people said

* IHH told the Fortis board it wants to work with them on a friendly offer, one of the people said

* NOTE: The TPG-backed Manipal consortium’s sweetened bid values Fortis at 155 rupees a share, up from 140 rupees earlier, Ranjan Pai, chairman of Manipal Education & Medical Group, said in an interview Wednesday

* No final decisions have been made, and there’s no certainty IHH will proceed with a bid, according to the people

* A representative for IHH declined to comment

* A spokesman for Fortis said he couldn’t immediately comment

* NOTE: IHH Is Said Preparing to Rival TPG-Backed Firm’s Fortis Bid (1)


Source: The Edge

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