Fortis board backs IHH’s 4,000cr offer
The board of Fortis Healthcare on Friday recommended that its shareholders accept the offer of Malaysian hospital major IHH Healthcare Berhad to invest Rs 4,000 crore in the cash-strapped company and pick up a 31.1% stake in it through preferential allotment at Rs 170 per share, reports Prabhakar Sinha.
This will be followed by a compulsory open offer by IHH to acquire an additional 26% in Fortis from the public. The latest offer values FHL at Rs 8,880 crore. IHH will have to invest up to Rs 7,400 crore to acquire a 57.1% stake. The FHL board has been seeking strategic investors for six months.