April 20, 2018 / 12:15 PM / a year ago

CORRECTED-TIMELINE-Fortis Healthcare bidding war: The story so far (April 20)

(Corrects first bullet in April 17 entry to say Fosun’s offer shall not enable it to hold more than 25 percent of Fortis securities. The bullet incorrectly said the offer will enable it to hold more than 25 percent of Fortis securities)

April 20 (Reuters) - India’s Fortis Healthcare Ltd (FHL), which runs a network of about 30 hospitals across India, became an attractive target for a heated takeover battle that has intensified over the past few weeks, with companies based abroad expressing interest as well.

Fortis Healthcare has now set up an advisory committee to evaluate binding offers from suitors vying to acquire or take a stake in it.

Here are the developments in the saga, with details of the five bidders vying for Fortis:

March 27 here - Manipal Hospitals Enterprises Private Ltd offers to buy Fortis' hospital business

* Fortis shareholders to get 10.83 shares in Manipal Hospitals for every 100 Fortis shares held

* Binding offer to buy 20 pct of SRL’s share capital from company for roughly 7 billion rupees ($105.93 million) and 30.93 pct from the PE investors for about 11.13 billion rupees

* Total infusion of about 39 billion rupees by Manipal promoter and TPG Asia VII SF April 10 here - Manipal sweetens bid for Fortis hospitals

* Revises offer to 155 rupees per share

* SRL Ltd, in which Fortis holds a stake, to continue to be FHL subsidiary

* Boards of SRL and FHL to consider the merger of both companies

* Manipal to undertake rights issue for up to 40 billion rupees

* Afterward upward revision, equity value stands at 60.61 billion rupees April 12 here: Unsolicited binding offer From Hero Enterprise Investment Office and the Burman Family Office

* Unsolicited non-binding offer to invest 12.50 billion rupees via preferential allotment route April 13 here Malaysia's IHH Healthcare Berhad tops Manipal's bid

* Unsolicited non-binding expression of interest for 160 rupees per share April 17 here: China's Fosun International's unit Fosun Health Holdings submits offer

* Unsolicited non-binding expression of interest shall not enable Fosun to hold more than 25 percent of Fortis securities

* Primary infusion at up to 156 rupees per share, subject to due diligence to be completed within three weeks, up to total investment of $350 million April 18 here - IHH Healthcare revises its offer

* Offer is contingent on due diligence, IHH is ready to infuse 40 billion rupees at price up to 160 rupees per shares April 19 here - Munjals, Burmans revise their offer

* Revise their offer to invest 15 billion rupees ($227.20 mln) directly into the company

* Upfront investment of 7.50 billion rupees with 5 billion rupees via preferential issue of shares; 10 billion rupees via preferential issue of warrants

* Group said they seek two board seats and recommend that more independent directors be added April 19 here - Radiant Life Care Private Ltd

* Gets unsolicited non-binding expression of interest from Radiant Life Care with a proposal for investing and/or re-structuring Fortis

* Proposal includes offer for demerger of hospital business from FHL into a new company

* The all-cash offer is 126 rupees per share; it values the whole of Fortis at 165 rupees per share, or 85.58 billion rupees, including the SRL stake.

* Offer subject to Radiant being able to buy 26 percent or more shares of the new company via open offer

$1 = 66.0800 Indian rupees Reporting by Tanvi Mehta, Krishna V Kurup and Subrat Patnaik in Bengaluru, Editing by Sherry Jacob-Phillips

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