IHH Healthcare makes fresh binding offer for Fortis

Malaysia’s IHH Healthcare Berhad on Tuesday said it has made a fresh binding offer to the board of Fortis Healthcare.

The binding offer is valid till July 16, 2018, IHH Healthcare Berhad said in a regulatory filing.

IHH on Tuesday issued a letter to the board of Fortis “setting out a binding offer, which supersedes and replaces the enhanced revised proposal,” it added.

“In the event IHH does not receive any response from Fortis by no later than 5 pm IST on July 16 2018, the binding offer shall be deemed to have been withdrawn,” IHH Healthcare Berhad said.

The company, however, did not provide any details about the size of the bid.

Cash-strapped Fortis Healthcare had set July 3 as the deadline for the submission of the fresh binding bids. The company had earlier scrapped its decision to opt for the offer by the Munjal-Burman combine to invest Rs 1,800 crore in the company.

Earlier, Fortis Healthcare had received binding bids from four suitors -- Munjal-Burman combine, TPG-Manipal consortium, Malaysia’s IHH Healthcare Berhad and KKR-backed Radiant Life Care.

China’s Fosun Healthcare had not made a binding bid for the company.