April 12, 2018 / 6:32 AM / 2 months ago

BUZZ-India's Fortis Healthcare rises on report of IHH Healthcare planning rival bid for firm

** Shares of Fortis Healthcare Ltd spike as much as 4.1 pct at 153.90 rupees, their highest since March 27

** IHH Healthcare Bhd is proposing an offer here for Fortis Healthcare that could value the Indian firm at as much as $1.3 bln, said a Bloomberg report citing people with knowledge of the matter

** The report added that the offer would top the bid from a TPG-backed consortium

** Manipal Hospitals Enterprises, backed by U.S. buyout firm TPG, had raised its offer late on Tuesday to buy Fortis’ hospital business by about a fifth

** As of Wednesday’s close, stock up about 20 pct in the past two weeks since Fortis announced the demerger of its hospitals on March 27

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