Proxy adviser slams Fortis Healthcare board for rebuffing competing offers

The hospital operator formed an expert panel to evaluate the proposals and make a final recommendation by April 26, when the board will make a decision, Fortis said Thursday

A proxy advisory firm has slammed a move by the board of Fortis to rebuff several bids as a takeover battle for India’s second-largest hospital chain ramps up. The fact Fortis has received five competing offers shows its assets have potential, according to Amit Tandon, a managing director at Institutional Investor Advisory Services. Directors of Fortis shouldn’t exclude any suitors from the process and should try to work with companies that have put in non-binding bids, Tandon said.

Fortis, which has a market value of $1.2 billion, is slate to decide next week between binding offers from a TPG-backed consortium and