Munjals, Burmans for 'equal opportunity' to all Fortis bidders

Expressing surprise over the Fortis Healthcare Board's decision to allow a re-bid to acquire a stake in the company, two earlier joint bidders said on Sunday that equal opportunity should be given to all bidders in the auction.

Sunil Kant Munjal-led Hero Enterprise Investment and the Burmans of Dabur Group had earlier made the joint bid for a stake in Fortis Healthcare.

Fortis on Saturday said that its board will meet on May 10 to consider recommendations by its expert advisory committee (EAC) set up to evaluate all binding proposals for fund infusion.

"With regard to Fortis, we had assumed that the final bids have been submitted and only review to choose the best offer was pending. We were a bit surprised to learn that everyone has one more chance to bid/re-bid," said a statement issued by the Munjals and Burmans after the board meeting on the Fortis bid.

"We still welcome the board move. However, we strongly believe that there should be equal opportunity to all bidders without unfair advantage to any one party," it said.

In a stock exchange filing on Saturday, Fortis had said: "The EAC will only consider evaluating all binding bids (whether current or improvised or modified or new) received by the company till noon (IST) on May 1."

"In line with the obligations towards Manipal and TPG consortium, if any new or modified binding bids are received anytime till noon on May 1; Manipal and TPG consortium have the ability to revise their offer till May 6."

Earlier this month, Fortis announced that it had received an improved binding offer from Hero Enterprise Investment Office and Burman Family Office to invest Rs 1,500 crore directly in the company.

"Our offer is already with the company; it's the best one which is in the larger interest of Fortis Healthcare, and all those connected with the company's ecosystem," the Munjals and Burmans said.

Besides, Fortis also received offers for infusion of funds from other suitors such as Fosun Health Holdings, IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care.

--IANS

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