Fortis Healthcare evaluating revised offer from Manipal-TPG

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Fortis Healthcare evaluating revised offer from Manipal-TPGNEW DELHI: The board of Fortis Healthcare Ltd is currently evaluating the revised offer by a consortium of Manipal-TPG to acquire its hospital and diagnostics business, the company has told the Bombay Stock Exchange. The revised offer, which raises the valuation of Fortis’ hospital business by nearly 21%, was made late on Tuesday to win over shareholders who have been disappointed with the earlier deal terms that were announced on March 27.

“…the Company (Fortis)…has received an unsolicited binding offer, revising the earlier construct of the scheme and/or transaction, from Manipal Health Enterprises Private Limited,” Fortis Healthcare secretary Rahul Ranjan told BSE on Tuesday night. “The said revised proposal is under evaluation by the Company and we will keep the stock exchanges informed accordingly.”

It is unclear when the board is expected to make its decision on the matter.

Fortis share prices on BSE rose as high as 4% intraday on Wednesday. As of 2:10 pm, they were Rs 148.25 apiece, up 1.26% from the previous close.

When the deal was first announced on March 27, Fortis share prices had plummeted over 13%, indicating that minority shareholders were not happy with the deal.

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