Fortis receives unsolicited bid from IHH Healthcare for Rs 160/share

Fortis Healthcare on Friday confirmed that its board has received an unsolicited non-binding expression of interest (EoI) from Malaysia’s IHH Healthcare at Rs 160 per share.

The clarification from the company came after Economic Times on April 12, 2018 reported that IHH was looking to counter TPG-Manipal's bid for Fortis Healthcare.

IHH is the world’s second-largest provider of integrated healthcare services in terms of market cap (around $13 billion), and is the largest private healthcare provider in Asia.

The announcement was made by Fortis Healthcare post market hours.

The battle for Fortis Healthcare intensified on Thursday with the surprise entry of a third contender into the fray, as the family offices of Sunil Munjal of Hero Enterprises and the Burmans of the Dabur group submitted a joint bid, which sought to better a revised one by TPG-backed Manipal Health Enterprises.

Ace investor Rakesh Jhunjhunwala had earlier questioned the proposed deal with Manipal-TPG in an exclusive interview to ET, adding that the hospital chain should be sold through a “fair” process that allows all interested parties to bid.