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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77-year-old cake slice of Queen Elizabeth’s wedding auctioned for Rs 2.40 lakh
Colchester: A 77-year-old slice of wedding cake from the royal wedding of Queen Elizabeth II and Prince Philip has fetched approximately Rs 2.40 lakh, according to auction house Reeman Dansie.
Described as a "very rare slice," the piece of cake, which is no longer fit for consumption, has survived for nearly eight decades since the couple's wedding on November 20, 1947.
According to CNN, the slice is neatly packaged in a small box with the silver insignia of the then-Princess Elizabeth stamped on it and an elaborate doily inside. The original recipient of this specific slice was Marion Polson, a housekeeper at Holyrood House in Edinburgh, Scotland, who received it as a gift from the royal couple.
Alongside the cake, Polson received a letter from Elizabeth thanking her for the wedding gift. “We are both enchanted with the dessert service; the different flowers and the beautiful colouring will, I know, be greatly admired by all who see it. This is a present which we shall use constantly, and whenever we do we shall think of the kindness and good wishes for our happiness which it represents,” reads the typewritten note, signed by Elizabeth.
Elizabeth and Philip’s wedding cake was an extravagant, nine-foot tall (2.7 meters) creation, which weighed 500 pounds, the report added.
It was adorned with both families’ coats of arms and sugar-iced figures of the couple’s favourite hobbies. It provided 2,000 slices for wedding guests, with additional portions sent to charitable organisations and other institutions. One of its tiers was also preserved for the christening of Prince Charles.
