Promoters' holding in Fortis Healthcare is down to 0.77%
17 April, 2018, 21:54 | Author: Wade Massey
On Monday, the Malaysian firm said the Fortis board sent it a response letter indicating that it was unable to engage with IHH due to binding agreements with Manipal Health Enterprises Private, Manipal Global Health Services and TPG Asia, according to Reuters. In addition, the company has also received a non-binding expression of interest from IHH Healthcare Bhd, the statement said.Manipal had raised its offer for Fortis to '155 per share by valuing the hospital business higher at '6,061 crore, from '5,003 crore initially.
The release added that the Fortis Board will take a decision that is in the "best interests" of the company, employees and shareholders.
The board of Fortis, in the meanwhile, will decide on the bids it had received for buying the company on April 19.
Separately, two Indian investors - Sunil Munjal's Hero Enterprise and the Burman Family Office - offered last week to make an investment worth 12.5 billion rupees ($191.5 million) in Fortis.
As reported by PTI, all the three options have different consequences for the future of Fortis and taking the right call will now be crucial.
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As per the report, "Shareholders need a decision-making body that is objective, independent, and has a historical association with the promoter group or their companies".
IHH had on April 11 issued a non-binding letter issued on April 11 to Fortis expressing its interest to participate in Fortis and its affiliates.
"While the current situation at Fortis is unfolding in as dramatic a fashion as Sholay (Hindi movie) did, its fall from grace is perhaps similar to that of Satyam Computer Services", it said, The decision on which bid to accept can not be driven by valuation alone as there are questions regarding subsequent control and the issues regarding the current promoters' need to be dealt, it added.
In March, the Fortis board had approved demerger of its hospitals business, which was to be acquired by Manipal Hospitals and TPG Capital, along with the sale of 20 per cent stake in diagnostics chain SRL Ltd in a Rs3,900-crore deal.
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