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Fortis receives unsolicited bid from IHH Healthcare for Rs 160
16 April 2018, 01:39 | Justin Tyler
A Fortis hospital building
The regulatory investigations, tightened credit, a lack of liquidity and a smaller board has "adversely impacted decision-making" at Fortis, IHH said in the letter, and asked Fortis to respond to its offer before April 18.
"As part of the proposal, IHH will work with the board and the management of the company to identify optimal financing solutions to enable the company to fulfil its commitments during the challenging phase and stay afloat", the proposal said.
Spelling out the details of their offer, the Munjals and Burmans in a joint letter said, "We are investing an amount of Rs 500 crore based on current business and financial position of the company without doing any due diligence".
According to their offer, the allotment and pricing would be in accordance with SEBI guidelines for preferential shares or ₹ 156 per share, whichever is higher.
Sunil Munjal, the chairman of Hero Enterprise, Anand Burman, the chairman of Dabur Group and Mohit Burman, the managing director of Elephant Capital LLP and director on Dabur's board, have said this infusion will help in addressing urgent financial needs of the company.
As per this latest proposal, out of Rs 1, 250 crore, Rs 5,00 crore will be invested immediately and Rs 750 crore will be post due diligence.
The Fortis sale has been delayed due to the legal cases against its founders, brothers Malvinder and Shivinder Singh, who lost control of the healthcare firm after their stakes plunged to low single digits.
Manipal, seeking to expand its presence beyond southern India, first offered to buy Fortis last month, proposing a deal that would give control of the combined company to Manipal Chief ExecutiveRanjan Pai and USA buyout firm TPG Capital.
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Assad said the strike would increase Syria's resolve to "fight and crush terrorism in every inch" of the country. Thus, this attack looks much more like it was meant only to degrade Syrian chemical weapons themselves.