You are here: Home » Reuters » News
Business Standard

Malaysia's IHH offers to buy Fortis at 160 per share

Reuters  |  MUMBAI 

(Reuters) - India's Healthcare Ltd said on Friday Malaysia's Healthcare Berhad has offered to buy the company at 160 rupees ($2.45) per share, paving the way to a better bid than Manipal

Manipal Enterprises Pvt Ltd offered to buy Fortis, which is among India's largest hospital operators, at 155 rupees per share earlier this week. The offer didn't impress Fortis's minority shareholders, including Indian equity investor Rakesh Jhunjhunwala, who called the price "low".

IHH, one of Asia's largest healthcare operators, made an "unsolicited non-binding expression of interest" to for a "possible due diligence and participation with the company", said in a statement on Friday.

In the letter, which made public, the former said it was making the offer due to the "inability of the statutory auditors of (Fortis) to opine on its financial position as at Dec. 31, 2017, and regulatory investigations that are currently underway."

has also received an investment offer worth 12.5 billion rupees ($191.5 million) from and the - private investment arm of the family that owns consumer goods firm India, the company had said on Thursday.

is under investigations by and the regarding financial fraud. The company's said last month he expects the probes to be over within the next 12 months.

($1 = 65.2100 Indian rupees)

(Reporting by Zeba Siddiqui in Mumbai, Editing by Sherry Jacob-Phillips)

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

First Published: Fri, April 13 2018. 17:11 IST
RECOMMENDED FOR YOU