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IHH Healthcare submits fresh bid for Fortis, offer valid till July 16

Cash-strapped Fortis Healthcare had set July 3 as the deadline for the submission of the fresh binding bids

Press Trust of India  |  New Delhi 

Fortis Healthcare, IHH

Malaysia's Healthcare Berhad today said it has made a fresh binding offer to the board of Healthcare.

The binding offer is valid till July 16, 2018, Healthcare Berhad said in a regulatory filing.

today issued a letter to the board of "setting out a binding offer, which supersedes and replaces the enhanced revised proposal," it added.

"In the event IHH does not receive any response from by no later than 5 pm IST on July 16 2018, the binding offer shall be deemed to have been withdrawn," Berhad said.

The company, however, did not provide any details about the size of the bid.

Cash-strapped had set July 3 as the deadline for the submission of the fresh binding bids. The company had earlier scrapped its decision to opt for the offer by the Munjal-Burman combine to invest Rs 1,800 crore in the company.

Earlier, had received binding bids from four suitors -- Munjal-Burman combine, TPG-Manipal consortium, Malaysia's Berhad and KKR-backed Radiant Life Care.

China's Fosun Healthcare had not made a binding bid for the company.

First Published: Tue, July 03 2018. 16:14 IST
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