1. Fortis Healthcare shares tank nearly 9% as Integrated Healthcare pulls out of acquisition talks

Fortis Healthcare shares tank nearly 9% as Integrated Healthcare pulls out of acquisition talks

Shares of Fortis Healthcare Ltd tumbled nearly 9% on Friday, posting the biggest intraday percentage loss in over seven months after Malaysia’s Integrated Healthcare Holdings pulled out of talks to buy a controlling stake in Malvinder Singh and Shivinder Singh’s company.

By: | Published: June 23, 2017 11:46 AM
The stock of Fortis Healthcare Ltd was down 8.84% at Rs 180.4 on NSE at 9:40 am.

Shares of Fortis Healthcare Ltd tumbled nearly 9% on Friday, posting the biggest intraday percentage loss in over seven months after Malaysia’s Integrated Healthcare Holdings pulled out of talks to buy a controlling stake in Malvinder Singh and Shivinder Singh’s company.

Integrated Healthcare Holdings on Thursday said in a filing to Singapore and Malaysian stock exchanges that it is not engaged in any negotiations in India currently. The stock of Fortis Healthcare Ltd was down 8.84% at Rs 180.4 on NSE at 9:40 am.

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Malaysia-based Integrated Healthcare Holdings was reportedly in talks for a possible acquisition of a controlling stake in Fortis Healthcare, Fortis Malar and SRL Diagnostics from Singh brothers, but has pulled out of the deal at the last hour, ET Now reported. “Should any transaction materialise, the board will make the appropriate announcement in accordance with the main market listing requirements of Bursa Malaysia Securities Bhd,” Integrated Healthcare Holdings said in the filing.

According to media reports, Malaysian Integrated Healthcare was eyeing controlling stake in Fortis Healthcare, SRL Diagnostics in a deal which valued the two companies at nearly $ 2.9 billion.

Fortis Healthcare’s shares have risen 22.8% in the last one year.

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