With four suitors in race, Fortis Healthcare board on Thursday approved evaluation of only binding offers and formed an expert committee to evaluate the proposals and make a final recommendation by April 26.
The troubled healthcare chain had received binding offers from Manipal/TPG consortium, and Munjal and Burman family offices. It had also received non-binding expression of interests from Malaysia’s IHH Healthcare Berhad and Chinese firm Fosun Health Holdings ltd.
“In exercise of its fiduciary duties, the board has decided to evaluate the binding offers and has appointed an advisory committee and also directed Standard Chartered Bank (SCB) to assist the committee,” Fortis said in a statement after its board meeting.
The Manipal/TPG led consortium had raised their offer for Fortis last week to Rs 155 per share by valuing the hospital business higher at Rs 6,061 crore from Rs 5,003 crore in its initial offer on March 27.
On the other hand, this morning Hero Enterprise Investment Office and Burman Family Office made improved offer by willing to invest Rs 1,500 crore directly at a valuation of Rs 161.6 per share from the earlier Rs 1,250 crore.