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In yet another twist in the tale for the acquisition of Fortis Healthcare, IHH Healthcare Berhad has said that it’s keen to contest the ‘Modifed Manipal Offer’ and the Hero Enterprises-Burman consortium’s winning offer.
In a letter to the Fortis Healthcare Board, IHH Healthcare Berhad said: “We emphasise that we remain strongly committed to participate in Fortis, and are therefore, keen to understand the next steps that the board is considering in the wake of the Modified Manipal Offer. If there is indeed a new bid process that the board is proposing to initiate, we would like to participate in such a process and request that we be kept informed of any developments regarding the same.”
IHH Healthcare, the Malaysian-Singaporean private healthcare group had lost out to the Hero Enterprises-Burman consortium for its bid to take over the ailing Fortis Healthcare.
Fortis Healthcare’s board had shortlisted the Hero Enterprises-Burman consortium offer and is to seek shareholder approval for the same on May 22.
The board’s decision was met with criticism from competitors and TPG-Manipal Health Enterprises revised their earlier offer for Fortis Healthcare on Monday.
Extending its offer, IHH said, “In light of the expiry of our Enhanced Revised IHH Proposal on May 15, we now write to extend the acceptance period of the Enhanced Revised IHH Proposal until May 29, 2018, after which it shall lapse.”
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