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Fortis Healthcare's board to consider options amid takeover battle


By and Mehta

MUMBAI/BENGALURU (Reuters) - said on Monday its board would meet on Thursday to consider options after the hospital company became the target of rival takeover bids.

Malaysia's 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.

Fortis Healthcare said in a stock exchange filing its board planned to meet on April 19 to "consider all options."

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

The interest in Fortis comes as looks to implement a aimed at providing to about half the population.

The scheme is expected to increase patient numbers at private such as those run by Manipal and Fortis.

A merger with Manipal, which has a bigger presence in than IHH, might make more sense, an with a brokerage, who did not want to be named, said. Investors would also need more details on the IHH offer, the said.

IHH operates across nine countries via a network of 49 including Mount Elizabeth and Gleneagles in

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

(Reporting by in and in Bengaluru; Editing by Subhranshu Sahu, and Jane Merriman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 21:50 IST