 "Fortis Healthcare")
The Hero Enterprise-Burman family combine has withdrawn its binding offer to take over Fortis Healthcare and given its consent to the hospital chain’s board to reopen the bidding process. The combine has expressed disappointment over the board’s indecision and lack of support from certain shareholders for their Rs 18 billion investment proposal.
The move, which comes within days of shareholders voting out director Brian Tempest from the Fortis board, paves the way for the board to call for fresh bids in its next meeting on Wednesday. Three other ex-promoter-appointed directors, who had supported the Hero-Burman proposal, had resigned before the shareholders’
