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Malaysia's IHH plans rival bid for India's Fortis Healthcare - Bloomberg


(Reuters) - Malaysian investment holding firm Bhd plans to bid for India's Ltd at a price marginally better than Manipal Enterprises Pvt Ltd's offer, reported on Thursday, citing people aware of the matter.

The rival bid by would follow Manipal's offer on April 10 to buy at around 155 rupees per share, or 80.39 billion rupees ($1.23 billion), which minority shareholders -- including billionaire Indian investor -- had expressed concerns about.

The bid could value the services giant at as much as $1.3 billion, according to

IHH, which wants to work with on a friendly offer, has asked the board for time to update its due diligence before making a formal bid, the report added.

shares spiked following the report, although it wasn't immediately clear if the new bid would appease minority shareholders.

The deal is critical for Manipal to expand its presence in the growing business beyond south Increasing access to services and a government drive to expand are expected to increase footfalls at hospitals, benefitting chains such as Manipal and

IHH, one of Asia's largest operators, has been scouting acquisitions to grow in India, where it has said before that it expects a spike in demand for private

said on a call last month that other parties, which he declined to name, had expressed an interest in buying declined to comment on Thursday and did not respond to a request for comment.

shares jumped as much as 4 percent on Thursday to reach 153.9 rupees - their highest level since March 27, when Manipal made its first offer public.

($1 = 65.3600 Indian rupees)

(Reporting by Tanvi Mehta in Bengaluru, additional reporting by Zeba Siddiqui and Liz Lee; Editing by and Sunil Nair)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 12:59 IST