MARKETS

BSE Prices delayed by 5 minutes... Prices as on Jul 18, 2018   ABB India 1187.55 [ 0.30% ]ACC 1293.2 [ 0.42% ]Ambuja Cements Ltd. 195.75 [ 0.05% ]Asian Paints Ltd. 1391.4 [ 0.98% ]Axis Bank Ltd. 524.2 [ -2.57% ]Bajaj Auto Ltd. 3105.05 [ 0.32% ]Bank of Baroda 118.3 [ -2.07% ]Bharti Airtel 336.8 [ -1.59% ]Bharat Heavy Ele 66.5 [ -2.28% ]Bharat Petroleum 401.9 [ 2.19% ]Britannia Ind. 6359.7 [ -1.22% ]Cairn India Ltd. 285.4 [ 0.90% ]Cipla 627.15 [ -1.63% ]Coal India 264 [ -0.26% ]Colgate Palm. 1107.5 [ -1.52% ]Dabur India 373.6 [ -1.16% ]DLF Ltd. 170.75 [ -4.93% ]Dr. Reddy's Labs 2064.9 [ 0.00% ]GAIL (India) Ltd. 359.25 [ 0.21% ]Grasim Inds. 943.85 [ 0.14% ]HCL Technologies 989.55 [ 0.86% ]HDFC 2008.25 [ 0.91% ]HDFC Bank 2176.05 [ -0.03% ]Hero MotoCorp 3501.5 [ 0.63% ]Hindustan Unilever L 1643.8 [ -2.37% ]Hindalco Indus. 211.95 [ -3.51% ]ICICI Bank 262.6 [ -1.39% ]IDFC L 44.4 [ -2.42% ]Indian Hotels Co 128.85 [ 0.00% ]IndusInd Bank 1892.35 [ -0.67% ]Infosys 1322.4 [ -0.38% ]ITC Ltd. 268.3 [ -0.56% ]Jindal St & Pwr 186.3 [ -6.33% ]Kotak Mahindra Bank 1402.05 [ -0.05% ]L&T 1289.15 [ 0.09% ]Lupin Ltd. 809.8 [ -2.23% ]Mahi. & Mahi 902.25 [ -2.05% ]Maruti Suzuki India 9368.7 [ -0.87% ]MTNL 14.95 [ -2.61% ]Nestle India 10409.25 [ -1.16% ]NIIT Ltd. 89.85 [ -4.57% ]NMDC Ltd. 95.1 [ -2.21% ]NTPC 155.1 [ -0.16% ]ONGC 160.3 [ 2.69% ]Punj. NationlBak 74.95 [ -4.76% ]Power Grid Corpo 178.55 [ -1.52% ]Reliance Inds. 1090.55 [ -0.11% ]SBI 259 [ -0.10% ]Vedanta 203.8 [ -3.02% ]Shipping Corpn. 59.55 [ -2.30% ]Sun Pharma. 549.55 [ 0.14% ]Tata Chemicals 667.8 [ -2.35% ]Tata Global Beverage 238.7 [ -3.65% ]Tata Motors Ltd. 251.95 [ -2.19% ]Tata Steel 504.7 [ -5.22% ]Tata Power Co. 69.75 [ -1.34% ]Tata Consultancy 1997.3 [ -0.03% ]Tech Mahindra Ltd. 646.2 [ 0.00% ]UltraTech Cement 3852.55 [ -1.26% ]United Spirits 557.5 [ -4.09% ]Wipro Ltd 284.1 [ -0.02% ]Zee Entertainment En 521.4 [ 0.79% ]

News Details

You can view in detail.
Fortis board to meet this week to look at all eligible options 16/04/2018 17:04

Fortis Healthcare today said its board will meet this week to "look at all eligible options" as two more parties have entered the fray to acquire it after its pact with Manipal Health Enterprises.

The company's statement comes hours after Malaysia's IHH Healthcare said Fortis has expressed inability to engage with it over its offer to acquire the Indian healthcare firm at up to Rs 160 per share due to binding agreements Manipal Health Enterprises.

IHH had last week joined the race to acquire India's troubled Fortis Healthcare, offering to acquire its shares at up to Rs 160 apiece, higher than Manipal's Rs 155 which valued the company at Rs 6,061 crore.

The Malaysian firm's offer came a day after Sunil Kant Munjal-led Hero Enterprise Investment Office and Burman Family Office offered to invest Rs 1,250 crore in the healthcare chain at up to Rs 156 per share.

"The Fortis Board will be meeting this week to look at all eligible options and determine the future course of action that is in the best interests of the company, employees and shareholders," Fortis Healthcare said in a statement.

Last week, Fortis has received two binding offers -- one is a revised offer from Manipal Health Enterprises Pvt Ltd (MHEPL) and the second is a joint binding offer from Hero Enterprise Investment Office and Burman Family Office expressing interest in the company, it added.

In addition, the company has also received a non-binding expression of interest from IHH Healthcare Bhd, the statement said.

Manipal had raised its offer for Fortis to Rs 155 per share by valuing the hospital business higher at Rs 6,061 crore, from Rs 5,003 crore initially.

In the letter to the directors of FHL last week, IHH Healthcare Berhard Managing Director and Group CEO Tan See Leng expressed his company's "strong interest in Fortis Healthcare Ltd and its affiliates in a suitable manner".

Earlier in the day, in a filing on Malaysian stock exchange IHH said, "In response to the letter, the Board of Fortis has indicated its inability to engage with IHH as Fortis has entered into binding agreements with Manipal Health Enterprises Pvt Ltd, Manipal Global Health Services and TPG Asia."

The company further said, "At this juncture, IHH has not entered into any discussions, negotiations or transactions."

In the letter last week, Leng had said: "As on date, based on publicly-available information and our preliminary analysis, we believe a price of up to Rs 160 per Fortis share to be appropriate, subject to satisfactory completion of a due diligence."

Leng also hinted at the possibility of IHH making revised counter offer if the other suitors were to revise their bids.

"Notwithstanding anything in this letter, given the ever changing competitive dynamics, IHH reserves the right to pursue all necessary steps to ensure that the shareholders of Fortis are provided with the opportunity to realise the value inherent in our proposal including the right to revise the indicative offer price in any manner, IHH deems fit," he said in the letter.

In March, the Fortis board had approved demerger of its hospitals business, which was to be acquired by Manipal Hospitals and TPG Capital, along with the sale of 20 per cent stake in diagnostics chain SRL Ltd, in a Rs 3,900-crore deal.

LOAD MORE