Fortis unable to engage with our offer, says IHH Healthcare of Malaysia

As many as three suitors have emerged for Fortis hospitals including IHH Healthcare and the Manipal Group and TPG Capital combine

On Monday, the Malaysian firm said the Fortis board sent it a response letter indicating that it was unable to engage with IHH due to binding agreements with Manipal Health Enterprises Private, Manipal Global Health Services and TPG Asia, according to Reuters.

Malaysia's IHH Healthcare Bhd has made a proposed offer for Fortis worth $1.3 billion, while smaller local rival Manipal Health Enterprises Pvt Ltd, has made an offer of about $1.2 billion.

According to public statements, Fortis Healthcare's Board will be meeting on Thursday "to look at all eligible options and determine the future course of action that is in the best interests of the company, employees and shareholders".

Separately, two Indian investors - Sunil Munjal's Hero Enterprise and the Burman Family Office - offered last week to make an investment worth 12.5 billion rupees ($191.5 million) in Fortis.

IHH, one of Asia's largest healthcare operators, said Fortis Healthcare had declined to engage with it on its offer.

In the letter to the directors of FHL last week, Tan See Leng, managing director and group CEO of IHH Healthcare Berhard, had expressed his company's "strong interest in Fortis Healthcare Ltd and its affiliates in a suitable manner".

Man City confirmed as champions after Baggies shock United
Not for the first time this season at Old Trafford United started sluggishly and could have been a goal down after 12 minutes. In fact, no team other than Manchester United and Chelsea have been able to defend a title in the Premier League era.

On the other hand, Fortis Healthcare stated that "the Board of Directors of the Company have not yet made a decision".

"At this juncture, IHH has not entered into any discussions, negotiations or transactions, " it added.

Meanwhile, IHH advised its shareholders or investors to exercise caution and seek appropriate independent advice when dealing in IHH shares. Shares of IHH closed two sen or 0.33% lower at RM6.10 yesterday, bringing it a market value of RM50.26 billion.

Fortis, which is facing multiple probes, received a setback a few months back when the Delhi High Court ruled in favour of Japanese pharmaceutical company Daiichi Sankyo and allowed it to collect ₹3,500 crore from promoters Malvinder Singh and Shivinder Singh.

Earlier, IHH has asked Fortis to respond to its offer of up to 160 rupee per share by April 18.

This time, however, IHH has justified that it believes in the potential of the Indian healthcare story, and is positive that its partnership with Fortis could deliver maximum value to its shareholders.

Related news:

Hot News

isis-killer-beheading-video-story-top Night Court' actor Harry Anderson dies at 65
Apr 17, 2018 - 05:51
He also had a recurring role on Cheers, where he used his skills as a magician to play conman Harry "The Hat" Gittes. Anderson was also an accomplished magician and appeared a dozen times on The Tonight Show Starring Johnny Carson .

isis-killer-beheading-video-story-top Kelly accused by woman in Texas of giving her sexually transmitted disease
Apr 17, 2018 - 05:39
She accused Kelly of infecting her in Dallas in December while he was in he city for a concert at the Music Hall at Fair Park. Kelly is still out here. "These offenses occurred while our client was being groomed to join Kelly's sex cult", Merritt said.

isis-killer-beheading-video-story-top Russia Says Has Proof Britain Was Behind Alleged Syria Chemical Attack
Apr 17, 2018 - 05:31
Her Russian counterpart Vassily Nebenzia retorted that the USA and its allies were engaged in the "diplomacy of myth-making". The US and its allies, Nebenzia alleged, are setting the stage to "unleash a military scenario against Syria ".

isis-killer-beheading-video-story-top Maple Leafs host Bruins for Game 3
Apr 17, 2018 - 05:30
The Leafs had Marlies play by play man Todd Crocker in the press box and ready to call the game had Bowen not been available. The Leafs' first line of Auston Matthews, William Nylander and Leo Komarov , meanwhile, has yet to score a point.

isis-killer-beheading-video-story-top Mourinho Speaks On West Brom Loss
Apr 17, 2018 - 05:16
As City wrapped up the Premier League without having to kick a ball, here are five things we learned. "I trust in my work". Manchester City have won the Premier League title with five games remaining; equalling the English top-flight record.

isis-killer-beheading-video-story-top Newcastle humble Arsenal at St James' Park
Apr 17, 2018 - 05:16
Perez delivered a fine finish for the goal, drifting in at the near post to glance home a right-wing cross from DeAndre Yedlin . Alex Iwobi nearly doubled Arsenal's lead moments later with a stinging strike that forced a good save from Martin Dubravka .

isis-killer-beheading-video-story-top After saying 'it's your turn,' Shalane Flanagan celebrates Desiree Linden's win
Apr 17, 2018 - 05:06
Perhaps Linden's experience with inclement weather in MI helped give her a leg up with the rain, wind and cold in Boston Monday. The 34-year-old runner not only stopped to wait for her friend but also helped Flanagan catch the lead pack, states USA Today .

isis-killer-beheading-video-story-top Trump Worlds Collide as Cohen Meets Stormy Daniels in New York Court
Apr 17, 2018 - 04:40
Prosecutors say Cohen is being investigated for an undisclosed crime related to his personal business dealings. Michael Avenatti , Stormy Daniels's attorney, had an ominous warning for Michael Cohen's associates.

isis-killer-beheading-video-story-top NBN complaints skyrocket over the last 12 months
Apr 17, 2018 - 04:36
More Australians are being connected to the NBN than ever before and with this new service comes. a few bumps in the road. However, Jones added that "consumers still seem to be facing the same problems" in regards to customer service and bills.

isis-killer-beheading-video-story-top California Maybe Not taking part in Improved US border security Performance
Apr 17, 2018 - 04:22
Hokanson said Monday that about 650 are deployed in Texas, with close to 250 in Arizona and more than 60 in New Mexico. Pentagon officials said Monday they are still calculating what the troop deployment will cost.

isis-killer-beheading-video-story-top Russian Federation accused of tampering with site of alleged Syria chemical attack
Apr 17, 2018 - 04:17
Konstantin Gaaze, a liberal independent analyst here, said Friday that Putin still hopes to negotiate a new start to U.S. But both Washington and Moscow suffer from credibility problems that could increase the chances of escalation.

isis-killer-beheading-video-story-top Federation Internationale de Football Association task force arrives to inspect 2026 candidate Morocco
Apr 17, 2018 - 04:09
The 2026 Morocco bid committee will hold a press conference in Casablanca later to inform the public about the visit. The four countries involved in the bidding are not allowed to vote along with Guatemala, which is now suspended.

isis-killer-beheading-video-story-top Cisco Systems Inc (NASDAQ:CSCO) Short Interest Increased By 21.28%
Apr 17, 2018 - 04:05
The active investment managers in our database now hold: 19.43 million shares, down from 37.09 million shares in 2017Q3. The stock of NVIDIA Corporation (NASDAQ:NVDA) earned "Hold" rating by Stifel Nicolaus on Friday , November 10.

isis-killer-beheading-video-story-top Minster's Ross Wilson wins table tennis gold at Commonwealth Games
Apr 17, 2018 - 03:38
The breaking of tradition meant that athletes were denied the spotlight and left out of the event, as their entry wasn't broadcast or shared with viewers.

isis-killer-beheading-video-story-top Microsoft Corporation (NASDAQ:MSFT)
Apr 17, 2018 - 03:30
The stock of Microsoft Corporation (NASDAQ: MSFT ) earned "Overweight" rating by KeyBanc Capital Markets on Thursday, February 1. Janney Montgomery Scott Ltd Liability Co holds 1.26% of its portfolio in Microsoft Corporation (NASDAQ: MSFT ) for 1.41M shares.