Malaysian firm extends bid for Fortis to stay in race
MALAYSIAN firm IHH Healthcare Berhard on Thursday day said it has extended the validity of its enhanced bid for Fortis Healthcare to May 29. The earlier deadline for accepting the bid was May 15.
In a letter to the board of Fortis Healthcare, IHH Healthcare said it remains strongly committed to participate in the bidding for Fortis and is, therefore, very keen to understand the next steps the board is considering following the modified Manipal offer.
‘IHH had on April 24, revised it to binding offer to immediately infuse Rs 650 crore by way of a preferential issue and allotment of equity shares at Rs 160 per share in FHL as part of an overall proposal to invest Rs 4,000 crore.
Proposes to invest `4,000 crore
If there is indeed a new bid process that the Board is proposing to initiate, we would like to participate in such a process and request that we be kept informed of any developments regarding the same, IHH Healthcare MD and CEO Tan See Leng said in the letter.
``We fully respect any such process that is run by the board and reiterate that we wish to engage with the Board and the shareholders of Fortis in identifying a mutually-beneficial and optimal solution,’’ he added.
In light of the expiry of the company's enhanced revised proposal on May 15, 2018, it extended the acceptance period of the same until May 29, 2018 after which it shall lapse, the letter said.
The letter, however, emphasised that the enhanced revised proposal by IHH must be accepted in its entirety and cannot be accepted together or in conjunction with any other investment proposal from any third party.
IHH Healthcare had increased its offer to directly invest in Fortis Healthcare at Rs 175 per share on May 1.