Rejected Manipal's offer to waive exclusivity clauses from deal: Fortis

Fortis Healthcare said Manipal Health’s offer to waive exclusivity clauses from their agreement was rejected because of onerous conditions. Manipal had offered a one-time waiver from exclusivity provisions under the agreement it signed with Fortis last month. This would have allowed Fortis to consider other offers and permit due diligence to other suitors. On Wednesday, Fortis said Mani pal sought to impose additional onerous conditions.

A Manipal spokesperson, however, said: “No onerous conditions, which would be detrimental to Fortis share-holders, were added. On the contrary, we waived our exclsivity right, in turn allowing the Fortis board to engage potential bidders giving them an opportunity to conduct

due diligence.”