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Malaysia's IHH Healthcare wins over Fortis with $1.1 billion takeover bid

Reuters  |  MUMBAI/SINGAPORE 

By Tanvi Mehta and Sayantani GhoshMUMBAI/SINGAPORE (Reuters) - Malaysia's IHH Healthcare Bhd is set to take control of India's Fortis Healthcare after its bid of up to $1.1 billion was chosen over a rival's, giving it ownership of 30 hospitals amid a private healthcare boom in India.Cash-strapped Fortis said on Friday it accepted a 40 billion rupees ($585 million) offer from IHH for a 31 percent stake, capping a months-long bidding war for control of the Indian firm that drew interest from domestic and international suitors.Fortis will issue IHH new shares at 170 rupees per share, a roughly ...

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First Published: Fri, July 13 2018. 10:29 IST
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