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Manipal and TPG swoop in with sweetened bid for Fortis

Reuters  |  NEW DELHI/LONDON 

By Aditi Shah and Alasdair PalNEW DELHI/LONDON (Reuters) - India's Manipal Hospital and private equity firm TPG Capital Management on Monday sweetened their bid to buy Fortis Healthcare Ltd, just days after the Fortis board said it favoured a rival offer to the dismay of many shareholders.Fortis, late on Thursday, said it planned to accept an offer from Hero Enterprise Investment Office and Burman Family Office that would invest 18 billion rupees ($266.5 million), valuing Fortis at 90 billion rupees, subject to shareholder approval.The decision drew investor ire and sent shares in the ...

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First Published: Mon, May 14 2018. 22:40 IST
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