(Reuters) - Fortis Healthcare Ltd (FHL), which runs about 30 hospitals in India, has become a target of a heated takeover battle, with five entities bidding for the embattled company.
Following are the details of the bids:
March 27 - Manipal Hospitals Enterprises Private Ltd offers to buy Fortis' hospital business
- Fortis shareholders to get 10.83 shares in Manipal Hospitals for every 100 Fortis shares held
- Binding offer to buy 20 pct of SRL's share capital from company for roughly 7 billion rupees ($105.93 million) and 30.93 pct from the PE investors for about 11.13 billion rupees
-Total infusion of about 39 billion rupees by Manipal promoter and TPG Asia VII SF
April 10 - Manipal sweetens bid for Fortis hospitals
-Revises offer to 155 rupees per share
-SRL Ltd, in which Fortis holds a stake, to continue to be FHL subsidiary
-Boards of SRL and FHL to consider the merger of both companies
-Manipal to undertake rights issue for up to 40 billion rupees
-Afterward upward revision, equity value stands at 60.61 billion rupees
April 12 - Unsolicited binding offer From Hero Enterprise Investment Office and the Burman Family Office
- Unsolicited non-binding offer to invest 12.50 billion rupees via preferential allotment route
April 13 - Malaysia's IHH Healthcare Berhad tops Manipal's bid
- Unsolicited non-binding expression of interest for 160 rupees per share
April 17 - China's Fosun International's unit Fosun Health Holdings submits offer
- Unsolicited non-binding expression of interest shall not enable Fosun to hold more than 25 percent of Fortis securities
- Primary infusion at up to 156 rupees per share, subject to due diligence to be completed within three weeks, up to total investment of $350 million
April 18 https://www.bseindia.com/xml-data/corpfiling/AttachLive/e59e0b40-5c50-4cf2-bb62-3fd96fb5fda1.pdf - IHH Healthcare revises its offer
-Offer is contingent on due diligence, IHH is ready to infuse 40 billion rupees at price up to 160 rupees per shares
April 19 - Munjals, Burmans revise their offer
- Revise their offer to invest 15 billion rupees ($227.20 mln) directly into the company
-Upfront investment of 7.50 billion rupees with 5 billion rupees via preferential issue of shares; 10 billion rupees via preferential issue of warrants
- Group said they seek two board seats and recommend that more independent directors be added
Radiant Life Care Private Ltd offers to invest in Fortis
- Gets unsolicited non-binding expression of interest from Radiant Life Care with a proposal for investing and/or re-structuring Fortis
- Proposal includes offer for demerger of hospital business from FHL into a new company
- The all-cash offer is 126 rupees per share; it values the whole of Fortis at 165 rupees per share, or 85.58 billion rupees, including the SRL stake.
- Offer subject to Radiant being able to buy 26 percent or more shares of the new company via open offer
April 24 - IHH Healthcare tweaks earlier proposals
- Offers to immediately infuse 6.50 billion rupees under a binding proposal and subsequently invest up to 33.50 billion rupees under a non-binding proposal
Radiant Life Care revises offer for Fortis
- Makes binding offer for Fortis Mulund Hospital at an enterprise value of 12 billion rupees
- Retains proposal to demerge Fortis' hospital business into a new company- Proposes to spin off Fortis' SRL business - The offer values FHL at 170 or 175 rupees per share, depending upon SRL's valuation after proposed demerger- The all-cash offer of 126 rupees per share for the hospital business stays, which excludes SRL stake
Manipal raises Fortis offer
- Raises offer to 63.22 billion rupees from 60.61 billion rupees- To provide financial assistance of up to 7.50 billion rupees- In addition to buying the SRL stake from PE investors, Manipal to acquire a 5 percent stake in SRL from Fortis
($1 = 66.0800 Indian rupees)
(Reporting by Krishna V Kurup, Tanvi Mehta and Subrat Patnaik in Bengaluru, Editing by Sherry Jacob-Phillips)
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