April 26, 2018 / 8:03 AM / in a month

Factbox: Latest bids for India's Fortis Healthcare

(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.

A Fortis hospital building is pictured through a fence in New Delhi, India, March 28, 2018. REUTERS/Adnan Abidi

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.

FORTIS HEALTHCARE: THE STORY SO FAR

Suitors for Status Latest bid Number

India’s Fortis of

Healthcare offers

Manipal Hospitals Binding • Values Fortis’ hospital business now at 63.22 billion rupees ($946.7 3

Enterprises million)

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

Family Office

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

Holdings

Radiant Life Care Partially Binding • Binding offer for Fortis Mulund hospital at enterprise value of 12 bln 2

rupees

• To demerge Fortis’ hospital business into a new company; spin off SRL

business

• Offer values Fortis at either 170 or 175 rupees per share depending upon

SRL’s valuation

• 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

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