Thursday, 16 August, 2018

Fortis Healthcare accepts investment offer from Hero, Burman

Fortis shares fall 4% after board approves investment offer from Hero, Dabur family office Fortis opts for Munjal-Burman offer in hospital takeover
Ben Pena | 11 May, 2018, 23:14

"Munjals/Burmans have built successful businesses in non-healthcare fields and are passionate about the Indian healthcare industry", he said, expecting the offer to receive shareholder approval.

The board's decision, however, did not go down well with investors with the company's shares tanking almost 3 per cent on the bourses.

IHH Healthcare on Friday said it is still in race to buy Fortis and is now evaluating its options, including reaching out directly to shareholders with a possible hostile bid.

Just before the close of FY18, on March 28, the Manipal House group, backed by private investment firm TPG, had claimed Fortis Healthcare.

".Everybody saw that it was binding with no walk away position for us".

Munjal said both Hero and the Burmans have extensive experience in healthcare while noting that it's too early to share future plans for Fortis, ET Now reported.

"We are sure that the shareholders will see the intrinsic value in our proposal", Hero-Burman said in a statement.

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Why would Trump pay so much in hush money to squelch disclosure of an alleged affair? The status of the deal is pending. The agreement was for a term of one year, and paid Essential Consultants 100,000 United States dollars per month.

Asserting that IHH's offer was "holistic and compelling", he said it "comprehensively addresses the short-term financing needs and long-term objectives".

A major Fortis shareholder, however, which favored an offer over twice the size from Malaysia's IHH Healthcare Bhd (IHHH.KL), told Reuters it was unhappy with the decision and planned to vote against it at a meeting expected within a month. The group will also put in '1,000 crore through warrants.

Yes Bank became Fortis' largest shareholder with 15 percent stake after it invoked the shares pledged by Malvinder Singh and Shivinder Singh, the erstwhile promoters of Fortis, who now own around 0.77 percent stake in the company. Except Fosun Health, four had made binding offer.

Binding offers were been made by IHH Healthcare Berhad, Manipal /TPG consortium, Radiant Life Care Private Limited and Hero Enterprise Investment Office and Burman Family Office.

"The Board, post having detailed discussions on the pros and cons of each offer, decided by majority, to recommend the offer of Hero Enterprise Investment Office-Burman Family Office", Fortis Healthcare said in a statement to the BSE.

The fifth bidder, Fosun Health Holdings, an arm of Fosun International, which made a non-binding proposal to invest a total of United States dollars 350 million (over Rs 2,295 crore) at a price up to Rs 156 per share, did not revise its offer.

Sunil Munjal-led Hero Enterprise and Dabur's Anand Burman and Mohit Burman have jointly offered to invest Rs 1,800 crore in Fortis Healthcare, of which Rs 800 crore will be through a preferential allotment of equity shares at Rs 167 apiece.

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