NEW DELHI: Fortis Healthcare tanked over 3 per cent on Wednesday after the Munjal-Burman combine, which had earlier emerged as the preferred suitor for Fortis Healthcare, backed out of fresh bidding for the helthcare firm.
The stock fell 3.87 per cent to hit a low of Rs 136.50 on the BSE.IHH Healthcare Bhd and Manipal Health Enterprises are left in the fray for acquisition of Fortis Healthcare, ET reported.
Malaysian healthcare giant IHH Healthcare Bhd is seen as most aggressive and the results are likely on Thursday.While the Munjal-Burman bloc dropping out may have come as a surprise, especially after its late but aggressive entry into the takeover battle, executives tracking the bidding process said the Delhi-based consortium had turned lukewarm on the deal in the past 10 days, staying away from the negotiations and diligence that have been ongoing ahead of Tuesdays bid deadline.IHH told Malaysian stock exchanges on Tuesday that it had submitted a binding offer for Fortis that is valid until 5 pm on July 16, ET reported.The Malaysian firms bid is expected to be close to its previous offer of Rs 175 per share, said a source on condition of anonymity.