Manipal further sweetens Fortis offer

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Published: May 15, 2018 5:49:08 AM

The Manipal-TPG combine on Monday revised the offer for Fortis Healthcare (FHL) by committing to invest in the cash-strapped firm at Rs 180 per share, thus increasing the valuation to Rs 9,403 crore, reports PTI.

Fortis Healthcare, investor, banks, Fortis Healthcare revenueFHL said it has received a revised offer from Manipal and TPG with a proposal to invest in the company, while making public a letter sent by Manipal Health Enterprises (MHEPL) to the Fortis board.

The Manipal-TPG combine on Monday revised the offer for Fortis Healthcare (FHL) by committing to invest in the cash-strapped firm at Rs 180 per share, thus increasing the valuation to Rs 9,403 crore, reports PTI. In a regulatory filing, FHL said it has received a revised offer from Manipal and TPG with a proposal to invest in the company, while making public a letter sent by Manipal Health Enterprises (MHEPL) to the Fortis board.

Having lost out to the Munjal-Burmans combine last week, Manipal-TPG, which was the first to make an offer to Fortis Healthcare, said that for purposes of the merger, a value of Rs 9,403 crore would be attributed to FHL under its revised offer. On the other hand, a value of Rs 6,070 crore would be attributed to MHEPL as had been originally determined by independent valuers for the purpose of the transaction, it said in the letter.

“The preferential allot-ment shall be undertaken at a price of Rs 180 per share. For purposes of the merger, a value of Rs 9,403 crore shall be attributed to FHL and a value of Rs 6,070 crore shall be attributed to MHEPL as had been originally determined by the independent valuers of for the purpose of the transaction,” it said.

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