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April 24, 2018
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Malaysian firm joins Fortis race, offers up to ₹160 per shareIHH Healthcare seeks possible due diligence, participation

Fortis Healthcare said on Friday it had received an unsolicited non-binding expression of interest from IHH Healthcare Berhad for possible due diligence and participation with the company.

The company also shared a letter sent to the board by the Malaysian healthcare major, which offered up to ₹160 per share of Fortis.

‘Unsolicited EoI’

In a regulatory filing on Friday, Fortis Healthcare said, “The board of directors of the company have received an unsolicited non-binding expression of interest from IHH Healthcare Berhad for possible due diligence and participation with the Company.” The offer from IHH Healthcare comes a day after Sunil Kant Munjal-led Hero Enterprise Investment Office and Burman Family Office offered to invest ₹1,250 crore in the healthcare chain through preferential allotment route as per SEBI ICDR guidelines for preferential issues or ₹156 per share, whichever is higher.

Manipal offer

Already, Manipal Health Enterprises had raised its offer for Fortis Healthcare Ltd. at ₹155 per share by valuing the hospital business higher at ₹6,061 crore.