Fortis board to meet this week to consider M&A options

The Fortis board needs to demonstrate it is acting in the best interests of all shareholders

The Fortis board needs to demonstrate it is acting in the best interests of all shareholders

The company's statement comes hours after Malaysia's IHH Healthcare said Fortis had expressed inability to engage with it over its offer to acquire the company due to its pact with Manipal Health Enterprises.

IHH, one of Asia's largest healthcare operators, had bid Rs 160 per share to buy Fortis last week, topping a Rs 155 per share offer from Fortis rival Manipal Healthcare Enterprises Private.

Fortis Healthcare had scaled 52-week high of Rs 230.90 on May 3, 2017, and 52-week low of Rs 106.65 on February 6 this year.

The Board of Directors of Fortis Healthcare Limited will meet later this week to look at all eligible options related to offers made for its hospitals business and determine the future course of action, according to an official release.

Manipal in the revised offer is willing to pay Rs155 per share and will also have no problem if Fortis remains the majority shareholder in SRL. On April 12, the Munjals of Hero Group and Burmans of Dabur made a proposal to invest Rs 1,250 crore in two tranches in Fortis Healthcare through preferential issues at Rs 156 per share, or a price under Sebi norms.

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In addition, the company has received a non-binding expression of interest from IHH Healthcare Bhd, the statement said.

IHH said it could be Fortis' "best suited partner" in order for the company to tide through the current crisis in which Fortis had landed in, including regulatory investigations, lack of liquidity and capital, tepid operational performance, inability to access funds, as well as other litigation matters.

Fortis is in trouble since reports emerged that the company's founders took at least Rs500 crore out of the firm without board approval.

Fortis, which is facing multiple probes, received a setback a few months back when the Delhi High Court ruled in favour of Japanese pharmaceutical company Daiichi Sankyo and allowed it to collect ₹3,500 crore from promoters Malvinder Singh and Shivinder Singh.

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