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Takeover saga: Fortis again extends deadline to submit bids

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FortisFortis healthcare which is under the spotlight for its takeover saga has once again extended the deadline for submitting the binding offer to acquire stake in its hospital business.

In a stock-exchange filing on Thursday night, the cash strapped healthcare provider said, “The date for submission of the binding bids stands revised to Tuesday, July 3. Rest of the details with respect to the timings and submission remain the same.”

This is the second time when the deadline has been extended. Initially the company had sought bidding offer till June 14 which was extended to June 28.

The decision to latest deadline extension was taken a day after Fortis healthcare registered net loss of Rs 934 crore for FY18.

The loss was attributed to impairment of its goodwill and inter corporate deposits worth over Rs440 crore

The Fortis healthcare is running a new bidding process for its sale where four suitors have shown their interest.

A combine of Hero Enterprise’s Sunil Kant Munjal and the Burman family of the Dabur group, a consortium of Manipal Health Enterprises and TPG Asia, Malaysian healthcare group IHH and a consortium of Radiant Life Care and KKR are in the race to acquire Fortis Healthcare.

In March the Fortis had decided to sell its hospital business to TPG-Manipal. The deal had to call off later due to huge outcry by the minority stakeholders saying it was undervalued by TPG-Manipal.

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