Sunday, 18 November, 2018

Malaysia's IHH Healthcare makes offer for Fortis hospitals biz

Fortis Healthcare IHH Proposes Up to $1.3 Billion Fortis Bid, Topping TPG
Doris Mccormick | 16 April, 2018, 13:39

IHH Healthcare is offering to pay ~Rs160 per share as per media sources (no announcement from Fortis Healthcare).

IHH is the world's second-largest provider of integrated healthcare services in terms of market cap (around $13 billion), and is the largest private healthcare provider in Asia.

IHH, in a letter dated April 11 made public by Fortis on Friday, said it was offering to buy Fortis due to the "inability of the statutory auditors of (Fortis) to opine on its financial position as at December 31, 2017 and regulatory investigations that are now underway".

The rest Rs 750 crore shall given after due diligence subject to the satisfaction of the investors which will be completed in three weeks, the letter added.

Fortis shares jumped as much as 4% on Thursday to reach 153.9 rupees - their highest level since March 27, when Manipal made its first offer public.

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Meanwhile a statement from the Fortis Healthcare said that the proposal is under evaluation by the company.

The new offer values Fortis' hospital business at ₹6,061 crore or ₹116 a share. Brothers Malvinder Singh and Shivinder Singh have resigned from the company and have lost control of their shareholding due to mounting debt.

"We confirm you that on April 11 2018 the Board of Directors of the Company have received an unsolicited non-binding expression of interest from IHH Healthcare Berhad for possible due diligence and participation with the Company", according to an communication sent by FHL to the National Stock Exchange and BSE on Friday.

The Kuala Lumpur-based company told the Fortis board it wants to work with them on a friendly offer, according to one of the people. Ranjan Pai, chairman, Manipal Education and Medical Group, in an interview to VCCircle had said that given the complexity of the deal structure, the relative valuation has not been properly understood.

Earlier this week, MHEL increased its offer to buy FHL's hospital by about 21 per cent in response to opposition by minority shareholders who complained that the deal was undervalued. A representative for IHH declined to comment, while a spokesman for Fortis said he couldn't immediately comment.

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