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Fortis operates about 30 private hospitals in India, where private health care is on the rise.
MUMBAI: The Indian Fortis Healthcare Ltd. announced today that it has accepted an investment offer from IHH Healthcare Bhd, Malaysia, ending a bidding war of several months for the corporate control that has attracted the interest of domestic and international contenders. Fortis said the IHH will invest 40 billion rupees (2.3 billion RM) to 170 rupees per share in the company that runs about thirty private hospitals in India, where the run to liquidation private sector health is accelerating. The offer represents a premium of 19.5% on the closing price of Fortis yesterday.
Northern TK Venture Pte Ltd, Singapore, an IHH unit, will receive 235.3 million new Fortis shares through a preferential allocation, giving it about 31% IHH said in a separate statement that & # 39; 39, it expects the transaction to be completed in the fourth quarter and does not expect that it will have a significant effect on profits for the fiscal year ending on December 31st. 19659003] Recent developments in the health sector have made Fortis an attractive recovery target. Manipal Health Enterprises Ltd, together with private equity firm TPG Capital, and Radiant Life Care Pvt Ltd, supported by KKR & Co, also made an offer on Fortis
. insurance to hundreds of millions of people in a country that lacks adequate health facilities. According to analysts, the insurance system should benefit private hospitals such as those managed by Manipal and Fortis.
IHH Healthcare of Malaysia softens supply for India Fortis
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