Malaysia's IHH Healthcare submits fresh bid for cash-strapped Fortis' acquisition

New Delhi: Malaysia’s IHH Healthcare Berhad on Tuesday stated it has made a recent binding provide to the board of Fortis Healthcare.

The binding provide is legitimate until 16 July, 2018, IHH Healthcare Berhad stated in a regulatory submitting.

IHH on Tuesday issued a letter to the board of Fortis “setting out a binding provide, which supersedes and replaces the improved revised proposal,” it added.

Fortis. Representational picture. Reuters.

“Within the occasion IHH doesn’t obtain any response from Fortis by no later than 5 pm IST on 16 July, 2018, the binding provide shall be deemed to have been withdrawn,” IHH Healthcare Berhad stated.

The corporate, nonetheless, didn’t present any particulars concerning the dimension of the bid.

Money-strapped Fortis Healthcare had set three July because the deadline for the submission of the recent binding bids. The corporate had earlier scrapped its determination to go for the provide by the Munjal-Burman mix to speculate Rs 1,800 crore within the firm.

Earlier, Fortis Healthcare had acquired binding bids from 4 suitors — Munjal-Burman mix, TPG-Manipal consortium,
Malaysia’s IHH Healthcare Berhad and KKR-backed Radiant Life Care.

China’s Fosun Healthcare had not made a binding bid for the corporate.

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