IHH extends validity of its 'Enhanced Revised offer' for Fortis till June 30
Mumbai, May 25: Fortis Healthcare (FHL) on Friday said that Malaysia's IHH Healthcare Berhad has extended the validity of its "Enhanced Revised Offer" to invest in the company.
As per a BSE filing, FHL said that its Board has received a letter from IHH for extending the acceptance period for its offer to June 30 from the earlier date of May 29. IHH has proposed to invest directly into the company at Rs 175 per share cost.
"In order to enable the reconstituted Board to fully consider and evaluate our proposal, we now extend the acceptance period of the enhanced revised IHH proposal..." IHH Healthcare Berhad's Managing Director and Group CEO Tan See Leng said in the letter to the Fortis Board.
The development comes just after a consortium of Manipal-TPG had extended the validity of its "modified" new offer till June 6 from the earlier date of May 29.
"We understand that the FHL board is still in the process of considering the modified new offer... in order to provide FHL board with sufficient time to consider our modified new offer, we propose to extend the validity of our modified new offer...," the Manipal Global Health Services said in a letter to the company's Board.
On May 14, the Manipal-TPG consortium had received the "modified" new offer which proposed to values the company at Rs 9,403 crore at a share price of Rs 180 per share.
However, the company's Board on May 10 decided to recommend the offer of the Munjal-Burman consortium for sale of its business to the shareholders for their approval.
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.
In addition, the validity extension of IHH's offer comes as the healthcare major's shareholders voted Director Brian W. Tempest out from the company's Board at the Extraordinary General Meeting (EGM) held on Tuesday. The EGM had sought shareholders approval on a resolution filed by a minority shareholders' group to induct and remove certain Board members among other clearances.
The resolution had sought shareholders approval to replace Tempest, Non-Executive Director Harpal Singh, and Non-Executive Independent Directors Sabina Vaisoha and Tejinder Singh Shergill from the Board.
Harpal Singh, Shergill, and Vaisoha resigned on Sunday citing personal reasons.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Playoff dream still alive, we can definitely turn things around: Rishabh Pant
Dharamsala (PTI): Disappointed but not deflated, Lucknow Super Giants skipper Rishabh Pant is still dreaming of sneaking into the IPL play-offs as he believes his struggling side can turn things around in the remaining three games.
Another poor batting effort by the top order led LSG's 37-run defeat at the hands of Punjab Kings on Sunday.
LSG have 10 points from 11 games and are currently placed seventh in the league table. With a net run-rate of -0.47, merely winning three games might not be enough for Pant and his men to make it to the play-offs.
"The dream is still alive. If we can win the next three matches, we can definitely turn around and do amazing things," Pant said at the post match presentation ceremony.
He did concede that 236 was too much to chase and fielding was also below par.
"Definitely too many runs. When you drop crucial catches at the wrong time, it can hurt you badly. We thought it would do more, but we did not pick the length right at the start. But that is part and parcel of the game," he said.
While Mitchell Marsh, Aiden Markram and Nicholas Pooran have failed in the past few games, the skipper defended them.
"It makes sense when your top order is batting well. Every match, you cannot hope for them to come off. It is part of the game, we have to take it deep sometimes. We had too many runs to catch up on and that hurt us badly."
Punjab Kings skipper Shreyas Iyer was expectedly "elated".
"Everyone stepped up at the right time, contribution was immense from everyone," Iyer said after the match, especially praising Prabhsimran Singh for his 48-ball 91.
"The way he performed, it was exceptional and so pleasing to the eye," he said.
Iyer believes that luck favours the brave and that is precisely what has happened with PBKS this season as they climbed to the second spot in the 10-team league table.
"I was not thinking about stats or what is a good score to defend. We have been lucky, but the luck has been because of the hard work. Each and every individual knows their roles precisely and the way they executed, it was top-notch."
Iyer, however, wasn't fully happy with his team's fielding effort.
"The only thing we need to correct is the awareness (in the field) and the way we move - that is the only box we have to tick off.
"Just back yourselves and your instincts - that has been working for us, not think too much about stats."
_vb_35.jpeg)