Fortis Healthcare on Thursday said that its Board will recommend the binding offer of the Hero and Burman consortium for shareholders' approval.
According to the healthcare major, the entire exercise for selecting the Hero and Burman consortium involved a process that witnessed "deliberation and recommendation" by an independent Expert Advisory Committee (EAC).
"The Board considered the views of the EAC, financial and legal advisors, and following extensive discussions arrived at this decision," the company said in a late night statement on Thursday.
The EAC comprised of Deepak Kapoor, former Chairman of PWC (India) and Lalit Bhasin, Chairman of the Indian Society of Law Firms, along with two financial advisors - Standard Chartered Bank and Arpwood Capital - while Cyril Amarchand Mangaldas were the legal advisors.
The company's Board had received offers from suitors such as Hero Enterprise Investment Office and the Burman Family Office, Fosun Health Holdings, IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds.
--IANS
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