Fortis shortlists four bidders
NEWDELHI: Fortis Healthcare Ltd on Friday said it has included in the new bidding process four out of five entities that had originally placed a bid for the assets of the beleaguered hospital chain in April.
“The company has received interest from various interested parties on 31 May 2018 as per the timelines specified in the invitation for transaction participation,” Fortis said in a statement to stock exchanges.
It said the company’s board has decided to include Hero Enterprise Investment OfficeBurman Family Office (Dabur) consortium; IHH Healthcare Berhad; Radiant Life Care backed by US private equity firm KKR; and the Manipal-TPG consortium in the bidding process.
According to the new criteria, the bidders will be given 10 days for financial and legal due diligence, following which they will have to submit bids by 14 June. The buyers will have to make a minimum investment of ₹1,500 crore in Fortis Healthcare by way of preferential allotments, apart from having a plan for funding the acquisition of RHT Health Trust and another for providing exit to PE investors.
“We have confirmed our participation in the rebid process for Fortis Healthcare. We continue to believe that Manipal, together with TPG, is the best partner for Fortis, and are confident that we will be able to address the immediate needs of the company, while also creating long-term value for Fortis shareholders. We look forward to having the opportunity to reiterate to the Fortis board and management the strength and significant synergies available to Fortis through a combination with Manipal,” Manipal Health Enterprises Pvt. Ltd said in a statement.