Fortis has set up an advisory committee to evaluate the binding offers.
TPG-backed Manipal made a fresh offer for Fortis Healthcare by committing to invest in the firm at Rs 180 per share, thus increasing the valuation to Rs 9,403 crore, Fortis Healthcare Ltd (FHL) said in a regulatory filing.
Having lost out to the Munjal-Burmans combine last week, Manipal-TPG which was the first to make an offer to Fortis Healthcare Ltd, said that for purposes of the merger, a value of Rs 9,403 crore shall be attributed to FHL under its revised offer.
Here are 5 things to know about Manipal's bid for Fortis Healthcare:Before the latest offer, Manipal Hospitals on May 6 offered to inject 21 billion rupees to help the ailing hospital operator meet its immediate cash needs.
Manipal and its consortium partner TPG Capital were offering 160 rupees per share for the acquisition that time.Fortis has been the target of five companies and investment groups, who are vying for control of its 30-odd hospitals across India.
(Fortis Healthcare Bidding War: The Story So Far)The country's private healthcare market is expected to enjoy strong growth with the introduction of a new government insurance plan that is expected to make private healthcare more affordable for millions of poor families.Fortis has set up an advisory committee to evaluate the binding offers.Some investors are unhappy that the Manipal-led consortium has been given more time than rivals to match or top the rival bids and say they plan to vote against the group if it is selected as the winning bidder, an IANS report said.
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