Fortis valuation may take hit, bidders revisit offers over law firm report

Fortis Healthcare had posted weak fourth-quarter numbers, two bidders said. The company will declare results on June 25

Fortis Healthcare Ltd (FHL) has extended the deadline for submitting binding offers till June 28. Prospective bidders, however, are now re-visiting their valuations of the hospital major in the light of recent revelations by law firm Luthra and Luthra. 

Two bidders said they could revise their offers downwards, since they were wary of the implications of the investigation, and according to their knowledge, Fortis had posted weak fourth-quarter numbers.

The company had postponed the announcement of the results to June 25, citing the need for additional time to consider certain aspects of the internal investigation report. The results were to