IHH Healthcare's offer rejected by Fortis

IHH Healthcare's offer rejected by Fortis

IHH, one of Asia's largest healthcare operators, had offered to buy Fortis at a price that values the hospitals chain at about US$1.3 billion.

In an announcement to Malaysia's stock exchange, IHH said Fortis cited the binding agreements that it had entered into with Manipal Health Enterprises Private Limited, Manipal Global Health Services and TPG Asia as its reason for is inability to engage with the company.

IHH had last week joined the race to acquire Indias troubled Fortis Healthcare, offering to acquire its shares at up to Rs 160 apiece, higher than Manipals Rs 155 which valued the company at Rs 6,061 crore.

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

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IHH Healthcare Berhad of Malaysia, on Monday, said that Fortis Healthcare had indicated its inability to engage with the firm on its bid to buy Fortis.

IHH added that it has not entered into discussion, negotiations or transactions with Fortis.

In a regulatory filing, IHH said that on April 11, its board of directors issued a non-binding letter to the Fortis board, "expressing IHH's interest to participate in Fortis and its affiliates in a suitable manner".

Some of Fortis's minority shareholders are dissatisfied with the Manipal offer, and it is unclear if the IHH price appeals to them. IHH had not furbished how much stake it aims to purchase or its position on SRL and ownership structure of the Fortis's hospitals by RHT.

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