Fortis weighs offers from four parties in new bidding round

Fortis Healthcare said on Friday its board would look at a new round of bids from four local and international parties, after shareholders opposed a previous board decision last month to accept an offer from a consortium.

Fortis became the target of a bidding war last month by suitors seeking to get a share of a boom in India’s private healthcare market.

Fortis had accepted a proposed Rs 18 billion offer from the Hero Enterprise Investment Office and the Burman Family Office consortium.

The new process is expected to settle the prolonged takeover battle for the cash-strapped hospitals operator - among India’s largest.

Its board received bids from “various interested parties” on Thursday, Fortis said in a statement. It has decided to consider offers from the Hero-Burman group, a consortium of Manipal Health Enterprises and the private equity firm TPG, Malaysia’s IHH Healthcare Bhd and Radiant Life Care Private Ltd.

Fortis shareholders voted to remove four members of the company’s board following the bid by Hero-Burman group. Some shareholders had opposed that offer.

The new Fortis board will consider the new bids.

Binding bids under the new process need to be submitted by June 14, Fortis has said.