Thursday, 21 June, 2018

Fortis in focus, all potential investors offer nearly identical prices

Rajan Pai Rajan Pai $.first().removeAttr;$.first().css
Velma Reese | 16 April, 2018, 13:38

Fortis Healthcare received an unsolicited non-binding expression of interest from Malaysia-based IHH Healthcare that offered a price of up to Rs 160 per share.

Fortis Healthcare Ltd has clarified with reference to the recent news item which appeared in The Economic Times on April 12, 2018, captioned "IHH to counter TPG-Manipal's bid for Fortis Healthcare".

IHH is the world's second-largest provider of integrated healthcare services in terms of market cap (around $13 billion), and is the largest private healthcare provider in Asia.

A lack of quality assets in healthcare in India also makes Fortis attractive, a source advising Fortis on the deal said, declining to be named.

IHH, in a letter dated April 11 made public by Fortis on Friday, said it was offering to buy Fortis due to the "inability of the statutory auditors of (Fortis) to opine on its financial position as at December 31, 2017 and regulatory investigations that are now underway".

Meanwhile a statement from the Fortis Healthcare said that the proposal is under evaluation by the company.

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"Our offer is simple and does not envisage any changes to the current structure, operations and assets of the company", Mr Sunil Kant Munjal of Hero Enterprise and Mr Mohit Burman of the Burman Family Office wrote in the letter.

According to their offer, the allotment and pricing would be in accordance with SEBI guidelines for preferential shares or ₹ 156 per share, whichever is higher.

As per this latest proposal, out of Rs 1, 250 crore, Rs 5,00 crore will be invested immediately and Rs 750 crore will be post due diligence.

Munjal and Burmans have sought one board seat to the investors to monitor the above transaction. The revised offer valued Fortis' hospital business at Rs 6,061 crore, or Rs 116 per share, up nearly 21% from the previous offer.

Fortis shares gained 4.17 per cent to end at Rs 153.80 on the BSE on Thursday. If Fortis board rejects the approach, IHH will consider taking its offer directly to the company's shareholders, according to the people.

The Fortis sale has been delayed due to the legal cases against its founders, brothers Malvinder and Shivinder Singh, who lost control of the healthcare firm after their stakes plunged to low single digits.

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