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.
Fortis has set up an advisory committee to evaluate binding offers from suitors vying to acquire the company, or take a stake in it.
May 1 is the deadline for binding offers, which will be evaluated by an expert advisory panel. The board is set to meet on May 10.
Following are the details of the bids:
March 27: Manipal Hospitals Enterprises Private Ltd offers to buy Fortis’ hospital business
April 10: Manipal sweetens bid for Fortis hospitals
April 12: Unsolicited binding offer From Hero Enterprise Investment Office and the Burman Family Office
April 13: Malaysia’s IHH Healthcare Berhad tops Manipal’s bid
April 17: China’s Fosun International’s unit Fosun Health Holdings submits offer
April 18: IHH Healthcare revises its offer
April 19: Munjals, Burmans revise their offer. Radiant Life Care Private Ltd offers to invest in Fortis
April 24:
1. IHH Healthcare tweaks earlier proposals
• Offers to immediately infuse Rs 650 crore under a binding proposal and subsequently invest up to Rs 3,350 crore under a non-binding proposal.
Radiant Life Care revises offer for Fortis
• Makes binding offer for Fortis Mulund Hospital at an enterprise value of Rs 1,200 crore
• Retains proposal to demerge Fortis’ hospital business into a new company• Proposes to spin off Fortis’ SRL business • The offer values FHL at Rs 170 or 175 per share, depending upon SRL’s valuation after proposed demerger• The all-cash offer of Rs 126 per share for the hospital business stays, which excludes SRL stake
2. Manipal raises Fortis offer
• Raises offer to Rs 6,322 crore from Rs 6,061 crore • To provide financial assistance of up to Rs 750 crore
• In addition to buying the SRL stake from PE investors, Manipal to acquire a 5 per cent stake in SRL from Fortis
May 01
1. IHH Healthcare sweetens bid
• Immediate equity infusion at Rs 175 per share
• Subsequent equity infusion at price up to Rs 175 per share
2. Munjals & Burmans submit modified investment proposal
• Raises offer to invest Rs 18 crore, including upfront investment of Rs 1,050 crore, via subscription to shares and warrants
• Offer comprises Rs 800 crore via preferential issue of shares, Rs 1,000 crore via preferential issue of warrants
• Shares valued at Rs 167 rupees apiece, while each warrant to fetch Rs 176
May 06:
1. Manipal sweetens bid again, outlines cash injection plan
• Values Fortis’ hospital business at Rs 8,358 crore, i.e. Rs 160 per share
• Offers to inject Rs 2,100 crore by way of preferential allotment, giving Manipal and TPG the right to appoint non-executive directors, provided Fortis board has a minimum of seven directors
• SRL board to be restructured post acquisition of PE stake; deal to be reworked as previous term sheet had expired