Malaysia's IHH Healthcare sweetens bid for India's Fortis

(Reuters) - India’s Fortis Healthcare Ltd () received a revised bid from Malaysia’s IHH Healthcare Bhd (), it said on Tuesday, in a continuing takeover battle for the cash-strapped hospital chain operator.

Fortis has been the target of five companies and investment groups, who are vying for control of its 30-odd hospitals in India, as the country’s private healthcare market is set to grow sharply.

IHH’s latest proposal includes an immediate equity infusion at 175 rupees ($2.63) per share and a subsequent equity infusion at a per share price not exceeding 175 rupees, the company said in a statement.

The revised bid comes on the last day for submitting binding bids, which Fortis’s expert advisory committee will evaluate. The committee will share its recommendations to the board ahead of its meeting on May 10.

Last week, IHH tweaked an earlier bid and offered to immediately infuse 6.50 billion rupees under the binding portion of the proposal and subsequently invest up to 33.50 billion rupees under the non-binding part of the proposal.