Home / Companies / News /  Fortis Healthcare timeline: From Manipal to Malaysia’s IHH, the story of bidding war so far

Fortis Healthcare Ltd (FHL), which runs about 30 hospitals in India, has become a target of a heated takeover battle, with five entities bidding for the embattled company.

Fortis has set up an advisory committee to evaluate binding offers from suitors vying to acquire the company, or take a stake in it.

The deadline for binding offers is 1 May, which will be evaluated by an expert advisory panel. The board is set to meet on 10 May.

Following are the details of the bids:

■ 27 March: Manipal Hospitals Enterprises Pvt. Ltd offers to buy Fortis’ hospital business.

■ 10 April: Manipal sweetens bid for Fortis hospitals.

12 April: Unsolicited binding offer from Hero Enterprise Investment Office and the Burman Family Office.

13 April: Malaysia’s IHH Healthcare Bhd tops Manipal’s bid.

17 April: China’s Fosun International’s unit Fosun Health Holdings submits offer.

18 April: IHH Healthcare revises its offer.

19 April: Munjals, Burmans revise their offer, while Radiant Life Care Pvt. Ltd offers to invest in Fortis.

24 April: IHH Healthcare tweaks earlier proposals. The Malaysia company offers to immediately infuse Rs650 crore under a binding proposal and subsequently invest up to Rs3,350 crore under a non-binding proposal.

Radiant Life Care revises offer for Fortis.The company makes binding offer for Fortis Mulund Hospital at an enterprise value of Rs1,200 crore. Other major proposals include:

— Retains proposal to demerge Fortis’ hospital business into a new company.

— Proposes to spin off Fortis’ SRL business.

— The offer values FHL at 170 or 175 rupees per share, depending upon SRL’s valuation after proposed demerger.

— The all-cash offer of Rs126 per share for the hospital business stays, which excludes SRL stake.

Manipal raises Fortis offer

— Raises offer to Rs6,322 crore from Rs6,061 crore.

— To provide financial assistance of up to Rs750 crore.

— In addition to buying the SRL stake from PE investors, Manipal to acquire a 5% stake in SRL from Fortis

■ 1 May: IHH Healthcare sweetens bid

— Immediate equity infusion at Rs175 per share

— Subsequent equity infusion at price up to Rs175 per share

Munjals and Burmans submit modified investment proposal

— Raises offer to invest Rs1,800 crore, including upfront investment of Rs1,050 crore, via subscription to shares and warrants.

— Offer comprises Rs800 crore via preferential issue of shares, Rs1,000 crore via preferential issue of warrants.

— Shares valued at Rs167 apiece, while each warrant to fetch Rs176

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