Munjals, Burmans extend validity of offer for Fortis

Fortis Healthcare on Monday said Hero Enterprise Investment and the Burman Family have extended the validity of their improved, joint binding offer to invest Rs 1,500 crore in the company till May 4.

The development follows the Fortis board forming an expert panel last week to evaluate binding offers and make the final recommendation by April 26.

On April 18, Hero Enterprise Investment Office and Burman Family Office improved their binding offer with a proposal to invest Rs 1,500 crore directly at a valuation of Rs 161.6 per share, from the earlier Rs 1,250 crore. They had stated that their improved offer was valid for five working days.

Fortis Healthcare (FHL) said it has received a letter from Hero Enterprise Investment Office (led by Hero group's Sunil Kant Munjal) and Burman Family Office (promoters of Dabur group) extending the validity of their binding offer. In the letter to the Fortis board, the two partners said that in the wake of a formation of an advisory committee by to evaluate binding offers and recommend to the board for consideration by April 26, they were extending their deadline.

"...we are hereby extending the validity period till May 4, 2018 or as otherwise extended by us in writing and the term of validity period in the improved offer letter should be construed accordingly," the letter said.

The advisory panel constituted by the Fortis board to oversee evaluation process is headed by Deepak Kapoor, Former Chairman and CEO of Price Waterhouse Coopers, India. The other members of the panel are Renuka Ramnath, former MD & CEO of ICICI Venture, and Lalit Bhasin, President, Society of Indian Law Firms & Managing Partner, Bhasin & Co.

Malaysia's IHH Healthcare, Manipal Health Enterprises, Burmans and Munjals, Fosun Health Holdings and KKR-backed Radiant Life Care are in the race for buying Fortis.