Fortis takeover, Act II: Board chalks out the next steps for final bidding

Now that the reconstituted board has reopened the bidding process for Fortis Healthcare, anyone can take the floor

The Munjal-Burman combine, the investor recommended by the erstwhile board for taking over Fortis Healthcare India Ltd (FHIL), on Monday wrote to the Fortis management to break the gridlock and consider all binding bids made to the board. These include those by IHH Berhad and Manipal-TPG.

 
Three Fortis board members – Harpal Singh, Sabina Vaisova and Tejinder Singh Shergill – had resigned last week, two days before the extraordinary general meeting called on May 22 by minority shareholders. Brian Tempest, the only remaining board member, was removed.
 
Four new board members – Rohit Bhasin, Suvalakshi Chakraborty, Ravi Rajagopal and