FHL receives new offer from Manipal-TPG, share price hiked to Rs 180
Mumbai, May 14: Fortis Healthcare (FHL) on Monday said that it has received a "modified" new offer from the consortium of Manipal Health Enterprises (MHEPL) and private equity (PE) firm TPG.
As per a BSE filing, FHL said that its Board has received a "modified" new offer from Manipal and TPG with a proposal which values the company at Rs 9,403 crore at a share price of Rs 180 per share.
"We have been following the developments of the past few days after the announcement by FHL and have observed, through media reports, the negative reaction of the FHL shareholders to the decisions of the FHL Board to accept the Hero and Burman offer," Manipal Health Enterprises said in its offer letter.
"The modified new offer is not only financially beneficial for FHL and its stakeholders in the short term but also solves the larger issues facing FHL, including FHL's payment obligation for the acquisition of the relevant Indian entities from RHT and the exit required to be provided by FHL to the private equity investors in SRL."
On May 6, the consortium of MHEPL and TPG revised their offer to acquire a stake in FHL, proposing to infuse Rs 2,100 crore into the company at a share price of Rs 160 per share. That time the consortium had proposed to merge MHEPL into FHL with the latter valued at Rs 8,358 crore.
The development comes days after the FHL Board on May 10 decided to recommend the offer of the Hero and Burman family consortium for sale of its business to the shareholders for their approval later this month.
Fortis Director Brian Tempest on May 11 had said: "The Board, by a majority, decided to recommend the Hero-Burman family offer to shareholders looking at the binding bids for the point of certainty of liquidity flowing into the company."
The company said that the entire exercise for selecting the Hero and Burman consortium involved a process that witnessed "deliberation and recommendation" by an independent Expert Advisory Committee (EAC).
The EAC comprised Deepak Kapoor, former Chairman of PWC (India), and Lalit Bhasin, Chairman of the Indian Society of Law Firms, along with two financial advisors -- Standard Chartered Bank and Arpwood Capital -- while Cyril Amarchand Mangaldas were the legal advisors.
The deal envisages an upfront equity infusion of Rs 800 crore at a price of Rs 167 per share through preferential allotment. The Munjal-Burman consortium has also offered a further amount of Rs 1,000 crore through preferential issue of warrants.
"There will be a shareholders' EGM on this on May 22 and I am positive that there will be support from the shareholders for the decision," he said on May 11.
Fortis' board had received offers from suitors such as Hero Enterprise Investment Office, Burman Family Office, Fosun Health Holdings, Malaysia's IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds. The bid winners' offer was not the highest.
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7 killed after bus overturns in Jharkhand's Hazaribag
Hazaribag (Jharkhand), Nov 21: At least seven people were killed and several others injured on Thursday, after a Patna-bound bus overturned in Jharkhand's Hazaribag district, police said.
The accident occurred near Gorhar Police Station area, around 50 km from the district headquarters, as the bus turned turtle while negotiating a sharp bend, a senior officer said.
Hazaribag SP Arvind Kumar Singh told PTI seven persons were killed, while some suffered serious injuries.
There were around 50 passengers in the bus, which was on way to Patna from Kolkata, another officer said.
Motichand Prasad, a passenger, said his wife Rajkumari Prasad was killed in the accident.
"We were asleep when the accident occurred in the morning. We boarded the bus in Kolkata on Wednesday for Bihar," Prasad, a resident of Bihar's Gopalganj, said.
Another passenger from Bihar Sharif, Ganesh Kumar, said the incident took place around 6 am.
"As the driver tried to negotiate a sharp bend, he lost control over the bus and the vehicle overturned," Kumar said.
A police officer present on the spot said around 10 injured people were in critical condition.
Sub-divisional Police Officer (SPDO), Barhi, Ajit Kumar, said only three bodies could be identified so far – Rajkumari Prasad (55), Niti Samanta (25) and Ejaz Ahmed (40).
“Four other bodies are kept at the morgue of Sheikh Bhikhari Medical College and Hospital (SBMCH) at Hazaribag for identification,” he said.
Three critically injured persons were referred to Ranchi’s RIMS, while the others were being treated at SBMCH.
In a separate incident under the same police station area, two youths were crushed to death by a bus coming from behind.
The deceased were identified as Amit Kumar and Pappu Kumar, who were on a motorcycle when the bus struck the vehicle, an officer said.
