IHH Healthcare extends validity of revised offer to acquire Fortis
Malaysian firm IHH Healthcare Berhard on Friday extended the acceptance period for its enhanced revised proposal for acquiring Fortis to June 30 in the wake of changes in the board of the cash-strapped healthcare chain.
Earlier, out of four directors whose removals were sought by two institutional investors, three directors—Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill—had resigned ahead of an EGM called to vote on the matter.
This week, the shareholders had voted out the fourth director, Brian Tempest, from the board in the extraordinary general meetto ing (EGM) held on May 22.
“In order to enable the reconstituted board to fully consider and evaluate our proposal, we now extend the acceptance period of the enhanced revised IHH proposal until 11.59 pm on June 30,” IHH Healthcare said in a letter to the directors of Fortis Healthcare (FHL). IHH Healthcare, which had revised its offer directly invest in Fortis at ₹175 per share on May 1 from an initial non-binding offer to invest in Fortis at ₹160 per share, had earlier stated that its enhanced offer would expire on May 29.
The Malaysian healthcare chain is among the four suitors— Munjals-Burmans combine, TPG-Manipal combine and KKRbacked Radiant Life Care— which had put binding bids for Fortis.
Earlier this week, ManipalTPG combine had also extended the validity of its modified offer for Fortis Healthcare to June 6, 2018. Fortis’ board of directors is scheduled to meet on May 30 to consider and approve the audited financial results for the quarter and financial year ended March 31, 2018.
NEW DELHI: