IHH extends acceptance period for Fortis bid
PETALING JAYA: IHH Healthcare Bhd has extended the acceptance period for its bid to acquire Fortis Healthcare Ltd.
According to a Bursa Malaysia filing yesterday, IHH had extended the acceptance period until May 29 for the Indian healthcare operator to consider its takeover offer.
The earlier bid had lapsed on May 15. “The terms of the revised proposal and the enhanced revised proposal remain unchanged and fully valid and in force,” IHH said.
Last Thursday, Fortis accepted a joint offer from Hero Enterprise Investment Office and Burman Family Office to invest 18 billion rupees (RM1.05bil) in the ailing hospital chain.
On May 2, IHH raised its takeover offer to make an immediate equity infusion of 175 rupees (RM10.31) per share and a subsequent equity infusion at a per share price not exceeding 175 rupees.
The offer was higher than its earlier pro- posal to immediately inject 6.5 billion rupees into Fortis, and subsequently 33.5 billion rupees after due diligence.
IHH said the revised offer was to show its seriousness and commitment to invest in Fortis.
In a previous Bloomberg report, IHH had said its bid to acquire Fortis “was the most compelling for the benefit of all stakeholders”.
The group had argued that its bid offered the highest price and most comprehensive solution, while addressing the short-term liquidity requirements and long-term strategic objectives of Fortis.
Fortis has received as many as five offers for control of its private hospital business.
The second-largest hospital chain in India owns more than 45 healthcare facilities and 10,000 potential beds.
IHH closed 0.2% higher at RM6.12 yesterday, traded on a volume of 7.58 million shares.