Malaysian firm extends bid for For­tis to stay in race

Mail Today - - MY BIZ - By Mail To­day Bureau in New Delhi

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.

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