The board of Fortis Healthcare Ltd. has decided to initiate a fresh, time-bound bidding process for the takeover of the company.
The fresh effort is intended to optimise the company’s and shareholders’ short and long-term interests.
The board’s decision comes in the wake of a letter received from Hero Enterprise Investment Office and the Burman Family Office (Munjal-Burman consortium) on May 28, enabling the board to initiate a fresh bidding process.
Earlier offer terminated
As a result, the Munjal-Burman consortium’s offer, accepted by the board on May 10, stands mutually terminated and the board has since decided to initiate a fresh bidding process.
“The process has been designed to ensure a robust outcome coupled with tight timelines keeping in view the company’s near-term obligations,” Fortis said in a filing to the BSE.
Based on the suitability of the offers evaluated earlier, the board has also decided to invite three of the bidders — Munjal-Burman consortium, TPG-Manipal consortium, and Malaysia’s IHH Healthcare Berhad — to participate in the process.
“The board shall evaluate the EOI (expression of interest) submitted by other bidder(s) to decide their participation in the process taking into consideration the contents of the EOI, inter-alia, (a) financing capability, (b) ability to consummate the transaction in a timely manner, and (c) internal and external approvals required to consummate the transaction,” Fortis said.
Bidders would be provided 10 days for financial and legal due diligence and an opportunity to interact with the management and advisers who had conducted vendor due diligence (“VDD”) for the company, according to a release.
Published - May 29, 2018 09:29 pm IST
