[ad_1]
Fortis has 45 health facilities, including projects under development in Dubai and Mauritius
Fortis Healthcare Board approved Friday an offer of Rs 4,000 crores from IHH Healthcare for 31.1 % of capital -strapped company at Rs 8,880 crore and ending month of takeover battle. IHH Healthcare, which is expected to take majority control of the second largest Indian hospital chain after a mandatory public offering of an additional 26 percent, said that in the long run, Fortis hospitals would be reinstated in its own chain of Gleneagles.
The Malaysian health major who offered to inject capital at Rs 170 per share looted the offer of Rs 2,100 crore from Manipal-TPG combined with Rs 160 per share.
"The transaction should be completed within seven business days of receiving Fortis Healthcare shareholders said in a statement.
Commenting on the development, Fortis Healthcare's chairman, Ravi Rajagopal, said that the proposal of the IHH offered a 60-75 day timeframe, a more strategic and financially convincing proposition with simplicity and certainty
"We are now putting Fortis on the road to survival, future growth and prosperity in the future. Tanner Leng said the company was ready to inject more funds into Fortis if needed. 5,800 to 6,000 crores of funding. "
Leng added," We hope to refinance and to obtain additional debts in the company and even if it is necessary for Fortis, IHH remains open to exploring options to raise additional capital in consultation with other shareholders, including through the issuance of rights, "
Asked about the use of the Fortis trademark, which is currently in dispute, he said:" On branding, we have a global brand, Gleneagles, that we are very happy to use in India too.We will respect all licenses and contracts that Fortis currently has for brands, but in the long run, we would like to rename Fortis hospitals under our own brand, Gleneagles. "
Based on the price of the "Offering of Rs 170 per share, the implicit valuation of shares for 100% of Fortis Healthcare raises to 8,880 crores of rupees [19659004] The injection of funds from the company. IHH to cover Fortis' liquidity needs, including the financing of the acquisition of RHT and the exit of private investors SRL
IHH has declared that its open bid for Fortis should begin in August / September 2018, subject to regulatory approvals, including the Competition Commission of India, Sebi and RBI, and close to the third quarter of 2018. The open bid will cost the IHH bid is the third that Fortis has approved this year.
The loss of the participation of founders Malvinder and Shivinder Singh because of debt triggered the bidding war against cash. trapped Fortis. In addition, there were allegations that they took money from the company, an accusation that the duo, who has since left the company, has denied.
The IHH Offer is the third Fortis approved this year
The Fortis Board of Directors had initially accepted an offer of merger of the Indian company Manipal Health Enterprises and US private equity firm TPG Capital. The auction war, however, has intensified with four other contenders throwing their hats into the ring.
Fortis then approved an investment of Rs 1,800 investment offer crore of a consortium of Munjals-Burmans combine, which was not approved by shareholders, forcing
The Board The newly reconstituted Fortis administration had launched on May 29 a new tendering process to achieve FHL's long-term and short-term goals.
Three bidders (IHH, TPG-Manipal Consortium, Hero-Burman Consortium) were invited to participate and Fortis received an event of interest from the Radiant-KKR Consortium.
The diligence and management interaction was offered to all four bidders, Fortis said.
IHH Healthcare Berhad It currently operates more than 10,000 beds in 49 hospitals in nine countries.
Fortis also has 45 health care facilities, including projects under development, in India, Dubai, Mauritius and Sri Lanka. approximately 10,000 potential beds and more than 368 diagnostic centers
[ad_2]
Source link
