Bid for Fortis: Focus shifts to expert panel's May 10 meeting

With Manipal Health Enterprises-TPG Capital consortium making its final offer on Sunday of Rs 8,300 crore, all eyes are now on the Expert Advisory Committee and the Board of Fortis which meets on May 10 to take a decision on the binding bids received by the company.

Mr Sunil Kant Munjal of Hero Enterprise, Dr Anand Burman and Mr Mohit Burman of the Burman family, had earlier upped their proposal to invest INR 1,800 crores directly into Fortis without any due diligence, documentation and walk away clauses.

The Munjal-Burman proposal, if accepted, will infuse an upfront amount of INR 1,050 crores, valuing the Company at over INR 9,000 crores.

Munjal said in a statement here on Monday that their bid was unconditional and did not include any walk-away clauses unlike the other bids.

Burman said that being long-term investors, they were well positioned to "help sharpen the focus on patient care while building value for all Fortis shareholders and all stakeholders."

--IANS

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