Ranjan Pai of Manipal Hospitals said he is not ruling out any option including further sweetening of the offer as the race for Fortis Healthcare intensifies.
Manipal-TPG, Munjal-Burmans, Malaysia's IHH Healthcare and China's Fosun have already submitted bids for Fortis Healthcare
The advisory committee to be chaired by Deepak Kapoor, former Chairman and CEO of PwC India is tasked to make a final recommendation to the Board on the most eligible takeover offers by April 26.
The world’s largest private equity fund is likely to purchase a controlling stake for around Rs 2,600 crore in Kirloskar Group’s flagship company
Under the new bid, Rs500 crore will be infused through preferential allotment of equity shares and the balance Rs 1,000 crore through preferential issue of warrants.
Revofit said it Marico will buy shares from the owners, and will be issued new shares as well.
Bharti Airtel is planning to target Idea and Vodafone subscribers who may opt out as the merging of operations between the two telcos may lead to disrupted network.
Malaysia's IHH Healthcare said Fortis Healthcare declined its takeover offer, citing binding agreement with Manipal-TPG consortium
“The price they have offered is not reflecting the actual value,” said a representative of the shareholder on condition of anonymity.
“As on date, based on publicly-available information and our preliminary analysis, we believe a price of up to Rs 160 per Fortis share to be appropriate, subject to satisfactory completion of a limited due diligence,” IHH said in a statement.
Fortis Healthcare says it received an unsolicited binding offer jointly from Sunil Munjal of Hero and Burmans of Dabur to invest Rs 1,250 crore directly into the company through a preferential allotment.
“We have addressed most of the concerns in terms of the structure, in terms of valuation, and in terms of how much of dilution they have in the combined entity,” Pai said over phone.
Manipal Health and TPG will not invest an additional Rs 3,900 crore in the merged entity Manipal Hospitals.
The diagnostic firm said it will leverage its Rs 500 crore cash pile to fund its buyout plans in coming months.
C3i was a unit of Merck & Co., Inc., Kenilworth, New Jersey, USA, which has been one of HCL’s customers for over 13 years.
Daiichi has dragged the Fortis-Manipal deal into its ongoing arbitration case against the Singh brothers, because they were erstwhile promoters of Fortis.
The announcement comes at a time when there are reports that East Bridge is trying to gather other minority investors to challenge the deal.
The over-the-top (OTT) space in India has seen a lot of action of late, with multiple major deals and announcements making headlines over the past few months.
“I don't think you have to look at mergers like this - look at ratio and say good deal or bad deal. You have to really think about what's the implication going forward,” Fortis CEO Bhavdeep Singh said.
Here’s a list of the largest mergers and acquisitions that have taken place. The amounts are the values reported at the point at which the M&As were completed.
Here's a look at the top mergers and acquisitions in India over the years.
Pai said the company will raise funds through internal accruals and debt to fund its share of the deal
The Fortis Healthcare Board has also approved sale of its 20 percent stake in SRL to Manipal Hospitals.
GSK said it will assess shareholding in its Indian subsidiary, GlaxoSmithKline Consumer hinting at a possible sale of the Indian unit.
The deal is the industry's first big consolidation in Southeast Asia, home to about 640 million people, and puts pressure on Indonesia's Go-Jek, which is backed by Alphabet Inc's Google and China's Tencent Holdings Ltd.