Tuesday, 18 December, 2018

IHH Healthcare of Malaysia offers to acquire Fortis at ₹ 160 share

Rajan Pai Rajan Pai $.first().removeAttr;$.first().css
Frank Williams | 16 April, 2018, 13:41

Malaysia's IHH Healthcare has joined the race to acquire India's troubled Fortis Healthcare, offering to acquire shares at up to Rs 160 apiece, higher than Manipal Health Enterprises' offer of Rs 155 per unit by valuing the company at Rs 6,061 crore.

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, one of Asia's largest healthcare operators, made an "unsolicited non-binding expression of interest" to Fortis for a "possible due diligence and participation with the company", Fortis said in a statement on Friday.

"As the assets of Fortis are good, the company may get more competitive offers in the future", said executive vice-president for markets Sanjiv Bhasin at brokerage India Infoline.

In a joint statement Munjals and Burmans said, "We are investing an amount of Rs 500 crores, based on the current business and financial position of the company reflected in the Company's various public filings, and taking into account information in the public domain, without doing any due diligence".

"As part of the proposal, IHH will work with the board and the management of the company to identify optimal financing solutions to enable the company to fulfil its commitments during the challenging phase and stay afloat", the proposal said.

WhatsApp will let users re-download deleted images, videos on Android
WhatsApp on Android will let users re-download old images and videos that might have been deleted from the user's mobile storage. Facebook-owned WhatsApp has finally released the Android beta 2.18.109 update which will resolve the issue of a Day bug.

The rest Rs 750 crore shall given after due diligence subject to the satisfaction of the investors which will be completed in three weeks, the letter added.

On Thursday, Sunil Kant Munjal-led Hero Enterprise Investment Office and Burman Family Office had also offered to invest Rs 1,250 crore in the healthcare chain at up to Rs 156 per share.

Fortis shares gained 4.17 per cent to end at Rs 153.80 on the BSE on Thursday.

Both Hero group and Dabur India which are now having three per cent stake in Fortis Healthcare intend to invest Rs 1,250 crore in two tranches.

They are entering the fray as founders Malvinder Singh and Shivinder Singh were unable to repay loans and lost Fortis shares put up as collateral.

Manipal's controlling shareholder Ranjan Pai on Wednesday said the reason he was not buying Fortis outright was because of the potential liabilities posed by the investigations.

Recommended

Federal government to finance Trans Mountain Pipeline: Canada PM Trudeau Federal government to finance Trans Mountain Pipeline: Canada PM Trudeau At the legislature Sunday, Alberta Party leader Stephen Mandel said Ottawa already has the jurisdiction it needs. If anything, the positions of the two NDP premiers appeared all the more entrenched when the meeting was over.

Mom accused of letting 2-year-old smoke meth, marijuana Mom accused of letting 2-year-old smoke meth, marijuana Those same witnesses told police they heard that Ecker, an alleged meth user, also gave her child meth to smoke from a pipe. As of now, it's not clear if Kaitlyn Ecker has an attorney or if she still has custody of the two-year-old.

Govt working for development backward districts: PM Modi Govt working for development backward districts: PM Modi Besides Modi, prime ministers of Sweden, Finland, Norway, Denmark and Iceland will attend the summit. Modi will be in London on 18 April, where he is also scheduled to make a globally televised address.

Tomas John Sablan arrested for hitting woman with machete Tomas John Sablan arrested for hitting woman with machete Police is investigating how he managed to get jobs at these schools despite having a criminal record. A repeat offender, Chauhan told police he has a habit of flashing at women after getting drunk.

Trump Bizarrely Declares 'Mission Accomplished' To Describe Syrian Airstrikes Trump Bizarrely Declares 'Mission Accomplished' To Describe Syrian Airstrikes Syria media reported that several of these strikes were intercepted, but Pentagon spokesperson Dana White dismissed these claims. McKenzie said 105 U.S. and allied missiles were fired, of which 66 were Tomahawk cruise missiles launched from aboard three U.S.

Mo Salah has final say on his jibe at rival Harry Kane Mo Salah has final say on his jibe at rival Harry Kane He now has five games left to try and overhaul Mo Salah's tally and Alli is not writing his friend off, though says securing Champions League football next season is everyone's primary aim.

Kentucky House Rebukes Bevin For Saying Teacher Protest Caused Child Abuse Kentucky House Rebukes Bevin For Saying Teacher Protest Caused Child Abuse Bevin said he has several family members who are public school teachers and said the issue is "near and dear" to him. On Friday, Senate President Robert Stivers said he would hate it if Bevin's comments "marred" his accomplishments.

Facebook To Reward Users Who Report Bugs And Leaks Facebook To Reward Users Who Report Bugs And Leaks That's because the core function of Facebook - connecting people - is something that can be done elsewhere without having to pay. Zuckerberg made it clear in his Capitol Hill testimony that "there will always be a version of Facebook that is free".

Arab League demands probe on Syria chemical attack Arab League demands probe on Syria chemical attack President Donald Trump's decision previous year to recognize Jerusalem as the capital of Israel which Arab states condemned. The two rivals are engaged in proxy wars in Yemen and Syria but also back opposing sides in Lebanon, Iraq and Bahrain.

Chinese minister visits Japan for talks on N. Korea, regional issues Chinese minister visits Japan for talks on N. Korea, regional issues Wang said any parties, including Japan, welcome the recent important changes on the peninsula. Wang said the visit was a response to Japan's positive attitude toward China.

Unnao rape case: BJP MLA Kuldeep Singh claims was in Kanpur Unnao rape case: BJP MLA Kuldeep Singh claims was in Kanpur With opposition led by Congress mounting a massive attack, BJP's image has suffered a considerable blow. When she complained with CM Adityanath's office (CMO), they directed police to take action.

Justin Bieber Reportedly Punches Man at Coachella Party for Assaulting a Woman Justin Bieber Reportedly Punches Man at Coachella Party for Assaulting a Woman TMZ reports the man was kicked out of the party and arrested later as he hit an SUV while screaming Bieber's name. The incident erupted as he was talking to other guests, when the attacker apparently "went ballistic".

Commonwealth Games 2018: India show ends on a high Commonwealth Games 2018: India show ends on a high The mother of three and now politician in India made a successful return to the ring at a major multi-sports event on Saturday. India bagged a total of six medals on the final day. "So if my body allows, I will go". "That should never happen", she said.

City rebounds to rout Spurs City rebounds to rout Spurs The decision allowed Gundogan to step up and send Lloris diving the wrong way, pushing City into a 2-0 lead in the 25th minute. Ilkay Gundogan has been charged with the task of covering Fernandinho's absence for Manchester City against Tottenham .

Russian ambassador warns outcome of United States attack on Syria Russian ambassador warns outcome  of United States  attack on Syria Moscow on Saturday strongly criticized the joint the US , United Kingdom and France airstrikes targeting the Assad regime's alleged chemical weapons in Syria.