May 7, 2018 / 5:09 AM / 2 months ago

CORRECTED-TIMELINE-Fortis Healthcare bidding war: The story so far

(Corrects first bullet under May 6 to say Manipal values Fortis, not Fortis’ hospital business, at 83.58 bln rupees)

May 7 (Reuters) - Fortis Healthcare Ltd (FHL), which runs about 30 hospitals in India, has become a target of a heated takeover battle, with five entities bidding for the embattled company.

Fortis has set up an advisory committee to evaluate binding offers from suitors vying to acquire the company, or take a stake in it. The board is set to meet on May 10.

Following are the details of the bids:

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 ($104.38 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 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 Radiant Life Care Private Ltd offers here to invest in Fortis

* 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 April 24 here - IHH Healthcare tweaks earlier proposals • Offers to immediately infuse 6.50 billion rupees under a binding proposal and subsequently invest up to 33.50 billion rupees under a non-binding proposal Radiant Life Care revises offer here for Fortis • Makes binding offer for Fortis Mulund Hospital at an enterprise value of 12 billion rupees • Retains proposal to demerge Fortis' hospital business into a new company • Proposes to spin off Fortis' SRL business • The offer values FHL at 170 or 175 rupees per share, depending upon SRL's valuation after proposed demerger • The all-cash offer of 126 rupees per share for the hospital business stays, which excludes SRL stake

Manipal raises Fortis offer here • Raises offer to 63.22 billion rupees from 60.61 billion rupees • To provide financial assistance of up to 7.50 billion rupees • In addition to buying the SRL stake from PE investors, Manipal to acquire a 5 percent stake in SRL from Fortis

May 01 bit.ly/2w0P8Lp - IHH Healthcare sweetens bid • Immediate equity infusion at 175 rupees per share • Subsequent equity infusion at price up to 175 rupees per share

Munjals & Burmans submit modified bit.ly/2FvJb8R investment proposal • Raises offer to invest 18 billion rupees, including upfront investment of 10.50 billion rupees, via subscription to shares and warrants • Offer comprises 8 billion rupees via preferential issue of shares, 10 billion rupees via preferential issue of warrants • Shares valued at 167 rupees apiece, while each warrant to fetch 176 rupees

May 06 here - Manipal sweetens bid again, outlines cash injection plan • Values Fortis at 83.58 billion rupees, i.e. 160 rupees per share • Offers to inject 21 billion rupees by way of preferential allotment, giving Manipal and TPG the right to appoint non-executive directors, provided Fortis board has a minimum of seven directors • Deal with PE investors for SRL stake to be reworked as previous term sheet had expired • SRL board to be restructured post acquisition of PE stake in SRL, so that no member of Fortis' promoter group is part of SRL's Board ($1 = 67.0625 Indian rupees) (Compiled by Bengaluru newsroom, Editing by Sherry Jacob-Phillips)

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