Tuesday, 23 October, 2018

Fortis opts for Munjal-Burman offer in hospital takeover

Hero-Burman consortium set to buy Fortis Healthcare as board gives thumbs-up The recommendation of the Board would be placed before the shareholders for their approval. Image source Reuters
Johnnie Parks | 11 May, 2018, 23:15

India's Fortis Healthcare Ltd (FOHE.NS) aims to accept an offer of investment from the underdog of a five-way bidding war, in a decision that drew investor ire and sent shares in the cash-strapped hospital operator down nearly 5 percent.

The Burman Family Office and Hero Enterprise Investment Office had tabled a binding offer to invest Rs800 crore through a preferential share issue at Rs167 each and Rs1,000 crore via preferential issue of warrants at Rs176 per warrant. "It is now for shareholders to decide whether they will accept the board's recommendation", he added.

The group offered to invest 8 billion rupees ($119 million) in Fortis' hospitals business at a price of 167 rupees per share.

Reflecting the sentiment, Fortis shares fell as much as 4.9 percent on Friday before closing down 3 percent.

East Bridge Capital along with Jupiter India Fund in April called for convening an EGM to remove four members on the Fortis Board - Brian W. Tempest, Harpal Singh, Sabina Vaisoha and Lt Gen. Tejinder S. Shergill on grounds that the board failed to exercise its fiduciary duties towards all shareholders and has failed to maintain expected levels of corporate governance.

"The board, post having the detailed discussions on the pros and cons of each offer, decided by majority, to recommend the offer of Hero Enterprise Investment Office-Burman Family Office.to the shareholders for approval", Fortis stated in a filing.

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Gurgaon, May 11 Fortis Healthcare board today defended its choice to go with the Rs 1,800 crore bid from Munjals-Burmans combine even as IHH Healthcare and Manipal-TPG combine questioned the decision saying their respective offers were more compelling for the shareholders. They have also demanded three board seats and proposed to divest diagnostics chain SRL Laboratories, use the proceeds to buy assets of RHT Holdings.

Shares of Fortis Healthcare fell almost 3 per cent today after the company announced that its board has picked the offer from Munjals-Burmans combine over four other suitors who made binding offers.

Although he didn't specify, two of the people cited above said that the most recent board members-Ravi Rajagopal, Suvalaxmi Chakraborty and Indrajeet Banerjee-voted in favour of IHH Healthcare's proposal.

IHH Healthcare Berhad: The same day, the Malaysian hospital chain also upped its offer for FHL by 9 per cent. "The due diligence is not meant to be a price adjustment mechanism for the subsequent equity infusion", it added.

The rejected offers include bids by TPG-backed Manipal Health Enterprises Pvt. and KKR-backed Radiant Life Care Pvt. May 1 was the deadline submitting binding offers.

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