OPEN APP
Home >Companies >Fortis board to meet on 10 May to decide on binding bids
Fortis Healthcare says the expert advisory committee will evaluate all binding bids received by the firm from any party except Manipal and TPG consortium till 12 noon on 1 May. Photo: Ramesh Pathania/Mint
Fortis Healthcare says the expert advisory committee will evaluate all binding bids received by the firm from any party except Manipal and TPG consortium till 12 noon on 1 May. Photo: Ramesh Pathania/Mint

Fortis board to meet on 10 May to decide on binding bids

Fortis Healthcare says its board will meet on 10 May to take a decision on the binding bids for the company as recommended by the expert advisory committee

New Delhi: Fortis Healthcare on Saturday said its board will meet on 10 May to take a decision on the binding bids for the company as recommended by the expert advisory committee (EAC).

The committee will evaluate all binding bids received by the company from any party except Manipal and TPG consortium till 12 noon on 1 May.

“In line with the obligations towards Manipal and TPG consortium, Manipal and TPG consortium will have the ability to provide a revised financial proposal till 12 noon on May 06, 2018 in relation to all binding bids received by the Company anytime till 12 noon on May 1, 2018," Fortis Healthcare informed BSE.

It further added: “In light of the above, EAC constituted by the Board of the company will evaluate all binding bids received from any party till 12 noon on May 01, 2018 and the revised binding financial proposals from the Manipal and TPG Consortium received till 12 noon on May 6, 2018."

The board has decided that the EAC will consist of two members — Deepak Kapoor and Lalit Bhasin, it added.

The board on 10 May will meet to consider the recommendations of EAC. It continues to be advised by Cyril Amarchand Mangaldas as legal advisor and Standard Chartered Bank as the financial advisor, Fortis Healthcare said.

Also Read: Yes Bank confident of Fortis Healthcare fetching good valuation

In addition, the board has instructed the management to appoint a second independent financial advisor to assist and advise the board with respect to the bids, it added.

The board has also decided to hold an extraordinary general meeting of the company on 22 May at Air Force Auditorium, Delhi, at 10am to consider the resolutions proposed by National Westminster Bank as Trustee of Jupiter India Fund, East Bridge Capital Master Fund and East Bridge Capital Master Fund I, its shareholders, Fortis Healthcare said.

These shareholders — apart from appointment of three directors — have also sought removal of Brian Tempest, Harpal Singh, Sabina Vaisoha and Lt Gen Tejinder Singh Shergill from the board. The board in its meeting also approved the appointment of Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee, it added.

The company has already received binding offers from four entities — KKR-backed Radiant Life Care, Malaysian major IHH Healthcare, Manipal/TPG consortium and Munjal and Burman family offices.

Also Read: Fortis extends bidding deadline, Manipal-TPG combine keeps right to match rival bid

While Manipal Health Enterprises again revised its offer for Fortis Healthcare on 25 April, raising the value of the hospitals business to Rs6,322 crore.

KKR-backed Radiant Life Care has also made a revised bid for Fortis Healthcare Ltd (FHL) with a binding offer to acquire its Mulund hospital for an enterprise value of Rs1,200 crore.

Malaysian major IHH Healthcare has also revised its proposal and made a binding offer to immediately infuse Rs650 crore in the Indian firm as part of an overall proposal to invest Rs4,000 crore.

Besides, FHL has received a binding offer from Hero Enterprise Investment Office and Burman Family Office. Group entities of Hero Enterprise Investment Office led by Sunil Kant Munjal and the Burman family of the Dabur Group currently hold around 3% stake in the healthcare chain.

FHL had also received an unsolicited non-binding expression of interest from Fosun Health Holdings, an arm of Fosun International, with a proposal of primary infusion at a price up to Rs156 per share up to a total investment of $350 million (over Rs2,295 crore).

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My Reads Redeem a Gift Card Logout