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IHH Healthcare fails to take over India's Fortis Healthcare

IHH Healthcare fails to take over India's Fortis Healthcare”

Fortis Healthcare Ltd said on Monday its board is expected to meet this week to look at all eligible options after the company received three bids from interested parties.

The companys statement comes hours after Malaysias 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 Healthcare Bhd's offer to take over India-based Fortis Healthcare Ltd has been rejected. Indian rival Manipal Health Enterprises Pvt Ltd had last month offered to buy the hospital business of Fortis, which is under investigation over financial fraud.

In a regulatory filing, IHH said that on April 11, its board of directors issued a non-binding letter to the Fortis board, "expressing IHH's interest to participate in Fortis and its affiliates in a suitable manner". Hero Enterprise Investment Office and the Burman Family Office have also made a binding offer to invest a total of ₹ 1,250 crore through a preferential share allotment at at least ₹ 156 rupees a share.

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

Reuters reported that some of Fortis's minority shareholders were dissatisfied with the Manipal offer, and it was unclear if the IHH price appeals to them.

At the noon break, IHH's share price fell 2 sen or 0.3% to RM6.10 on some 1.77 million shares done.



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