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Takeover saga: Manipal-TPG’s new offer to Fortis healthcare

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Fortis healthcareIn yet another twist in Fortis Healthcare acquisition deal, the consortium of Manipal Health Enterprises (MHEPL) and private equity (PE) firm TPG Asia have revised their offer to acquire stake in the former. MHEPL-TPG have proposed to infuse Rs 2,100 crore into the company at a share price of Rs 160 per share.

“MGHS (Manipal Global Health Services), TPG VI and/or TPG VII (either by themselves or through their respective affiliates) will, by way of preferential allotment, subscribe to equity shares of FHL for an amount of Rs 2100,00,00,000 for a price per equity share of Rs 160,” Manipal-TPG said in their revised offer.

“It is clarified that the preferential allotment is being undertaken only to provide immediate liquidity to FHL by way of a minority investment in FHL. The preferential allotment and the ability to appoint directors as aforesaid, shall not vest control in the subscriber(s) and accordingly, no open offer is required to be made,” the consortium further said.

The Manipal has also proposed to merge MHEPL into Fortis Healthcare (FHL). It has valued the Fortis Healthcare Ltd at Rs 8,358 crore against Rs 6,322 crore on April 24.

Earlier this week, FHL received two “revised” offers to invest directly into the company.

According to FHL, IHH Healthcare Berhad has submitted a revised offer at Rs 175 per share cost, whereas Hero Enterprise Investment Office and the Burman Family Office had offered to invest Rs 1,800 crore directly into Fortis.

With five entities already in the race to acquire the Fortis healthcare Ltd, the takeover saga of the embattled company has become talk of the town.

Last month, the Fortis healthcare which runs about 30 hospitals in India, had formed an expert panel to evaluate binding offers.

Various healthcare organisations which were vying to acquire the company had submitted their binding offers to the expert advisory panel to evaluate the same.

The board which is set to meet on May 10 to decide next course of action have received offer from healthcare providers including Hero Enterprise Investment Office and the Burman Family Office, Fosun Health Holdings, IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds.

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