Fortis Healthcare said it has received an unsolicited non-binding offer from Chinese firm Fosun Health Holdings, making it the fourth bidder for the beleaguered firm.
In a late night filing to BSE, Fortis said it has received an unsolicited non-binding expression of interest from Fosun Health Holdings Ltd, an arm of Fosun International Ltd, with a proposal of primary infusion at a price up to Rs 156 per share up to a total investment of USD 350 million (over Rs 2,295 crore).
According to Fosun, the offer will be subject to due diligence to be completed within three weeks.
The investment of USD 350 million includes a preliminary investment of up to Rs 100 crore and is further subject to certain conditions, it added.
The Rs 100 crore investment is on the condition that Fortis agrees to a one month period of exclusivity to Fosun to undertake diligence and negotiate the proposal, the letter by Fosun to the board of directors of Fortis said.
"We believe our proposal outlined in this letter will best support the company's (Fortis) immediate needs, while supporting the company and its existing investors at a fair valuation to optimise the long term return," it added.
As part of the proposal, Fosun would also seek specific rights commensurate with its investment including, but not limited to, board seats proportionate to its holding, the letter said.
Earlier this week IHH had said that Fortis had expressed 'inability to engage' with it over its acquisition offer of up to Rs 160 per share due to binding agreements with Manipal Health Enterprises and party.
Fortis, on the other hand, had said that its Board of Directors have not yet made a decision and will meet on April 19, to consider all options.
IHH offered a higher price than Manipal's Rs 155 a unit, which valued the company at Rs 6,061 crore.
The Malaysian firm's offer had come a day after Sunil Kant Munjal-led Hero Enterprise Investment Office and Burman Family Office offered to invest Rs 1,250 crore in the healthcare chain at up to Rs 156 per share.
Manipal had raised its offer for Fortis last week to Rs 155 per share by valuing the hospital business higher at Rs 6,061 crore, from Rs 5,003 crore initially.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)