MANIPALTPG EXTENDS VALIDITY OF FORTIS OFFER

NEW DELHI: Manipal-TPG combine has said it has extended the validity of its modified offer for Fortis Healthcare to June 6, 2018. On May 17, Malaysian firm IHH Healthcare Berhad had extended the acceptance period of its enhanced revised proposal for Fortis to May 29.

In a letter to the directors of Fortis Healthcare Ltd (FHL), Manipal-TPG combine said it understands that the FHL board is still in the process of considering the modified new offer.

“As you are aware, our modified new offer is valid till May 29, 2018 and in order to provide the FHL board with sufficient time to consider our modified new offer, we propose to extend the validity of our modified new offer...,” the letter added.

The modified new offer shall remain valid and binding in its entirety until June 6, 2018, for acceptance by FHL board and for recommendation to the shareholders of FHL, ManipalTPG combine said.

The offer shall stand automatically revoked and terminated if it is not accepted by the FHL board or the company’s shareholders within their acceptance period respectively, the letter said. Earlier on May 14, Manipal-TPG combine had again sweetened its offer for Fortis at ₹180 per share, thereby increasing the valuation of the healthcare firm to ₹9,403 crore.

The combine was the first to make a binding offer for the cash-strapped healthcare chain.

Manipal Health Enterprises Pvt. Ltd claimed that its modified new offer “is significantly better than any other offer/bid FHL has received to date, including the Hero-Burman offer”.