IHH Healthcare leads Fortis acquisition deal
Malaysia’s IHH Healthcare Berhad is likely to pick up at least a 51% stake in struggling hospital chain Fortis Healthcare Ltd for Rs 4,700-5,400 crore, the Mint newspaper reported.
Citing two people aware of the bid details, the report said that IHH Healthcare’s offer is more than that of TPG-backed Manipal Health Enterprises Pvt. Ltd.
The report said IHH had agreed to make an open offer at a premium to the average market price. It will first buy an around 25% stake in Fortis and will then make an open offer to buy an additional 26% stake.