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Fortis Suitor Hikes Offer For Indian Hospital Chain After Board Accepts Rival Bid

 
• By Penelope MacRae

The takeover battle for India’s Fortis Healthcare has accelerated, with Manipal Healthcare, backed by US investment management firm TPG Capital, raising its offer for the troubled hospital chain against the backdrop of a messy dispute over the bidding process. Malaysian suitor IHH Healthcare has also since extended its offer validity period.

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FORTIS BATTLE RAGES ON • Source: Shutterstsock

Late last week, the board of Fortis Healthcare Ltd surprised financial markets when it accepted a dark-horse offer by two local tycoons for India’s second-biggest hospital chain. Now, one of the spurned suitors, Manipal Healthcare Enterprises Pvt Ltd, backed by US private-equity group TPG, has hiked its bid and investors hope Malaysia’s IHH Healthcare Berhad will follow suit and raise its offer too.

The Fortis’ board passed over offers from Indian hospital operator Manipal - Kuala-Lumpur-based IHH Healthcare, which was considered front-runner due to its extensive hospital operating experience and pledge of the most investment in the chain; and Indian hospital turnaround-specialist Radiant Life Care Pvt, backed by US private-equity firm KKR

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