(Reuters) - Several suitors for India’s Fortis Healthcare Ltd have revised their offers, jostling to make the best bid, as an advisory committee formed by the cash-strapped company makes its recommendation to the board on Thursday.
Fortis has been the target of five companies and investment groups, who are vying for control of its 30-odd hospitals in India, as the country’s private healthcare market is set to grow sharply.
Fortis said last week it would only consider binding bids.
Suitors for Status Latest bid Number
India’s Fortis of
Manipal Hospitals Binding • Values Fortis’ hospital business now at 63.22 billion rupees ($946.7 3
Private Ltd • Additional financial assistance of up to 7.50 billion rupees
• To also buy a 5 percent stake in Fortis-controlled SRL Diagnostics from
Fortis, in addition to PE investors’ 30.93 pct stake in SRL
Hero Enterprise Binding • To invest 15 bln rupees with upfront investment of 7.50 bln rupees• 2
Investment Office Preferential issue of shares worth 5 bln rupees and 10 bln rupees via
and the Burman preferential issue of warrants
Malaysia’s IHH Partially Binding • One-fifth of total offer value binding; offer includes immediate infusion 3
Healthcare Berhad of 6.50 billion rupees
• Non-binding proposal for subsequent infusion of up to 33.50 billion rupees
China’s Fosun Non-Binding • Offer to hold less than 25 pct of Fortis’ shares 1
International’s • Primary infusion at up to 156 rupees per share, subject to due
unit Fosun Health diligence; total investment of up to $350 million
Radiant Life Care Partially Binding • Binding offer for Fortis Mulund hospital at enterprise value of 12 bln 2
• To demerge Fortis’ hospital business into a new company; spin off SRL
• Offer values Fortis at either 170 or 175 rupees per share depending upon
• All-cash open offer of 126 rupees per share for the new company
($1 = 66.7775 Indian rupees)
Compiled by Subrat Patnaik, Krishna V Kurup and Tanvi Mehta in Bengaluru; Editing by Amrutha Gayathri