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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London, Nov 22: A bomb disposal squad deployed as a “precaution” to the South Terminal of Gatwick Airport concluded an investigation into a "security incident" on Friday after making a “suspect package” safe.
The South Terminal of Gatwick Airport, the UK's second busiest airport after Heathrow, which was briefly shut owing to the incident reopened following the incident.
The Gatwick is around 45 km south of London.
Two people detained during the enquiries have since been allowed to continue their journey as the airport was opened.
“Police have concluded their investigation into a report of a suspect package at Gatwick Airport. Officers from the EOD (Explosive Ordnance Disposal) team made the package safe, and the airport has been handed back to its operator,” Sussex Police said in an updated statement.
“Two people detained while enquiries were ongoing have subsequently been allowed to continue their journeys. There will remain an increased police presence in the area to assist with passengers accessing the South Terminal for onward travel,” the statement added.
Earlier on Friday, the incident caused severe disruption at the busy airport’s South Terminal, while the North Terminal of Gatwick Airport remained unaffected.
“Police were called to the South Terminal at Gatwick Airport at 8.20 am on Friday (November 22) following the discovery of a suspected prohibited item in luggage,” a Sussex Police statement said.
“To ensure the safety of the public, staff and other airport users, a security cordon has been put in place whilst the matter is dealt with. As a precaution, an EOD (Explosive Ordnance Disposal) team is being deployed to the airport. This is causing significant disruption and some roads around the South Terminal have been closed. We’d advise the public to avoid the area where possible,” it said.
Footage on social media taken outside the airport showed crowds of frustrated travellers being moved away from the terminal building.
Gatwick said it was working hard to resolve the issue.
“A large part of the South Terminal has been evacuated as a precaution while we continue to investigate a security incident," the airport said in a social media post.
“Passengers will not be able to enter the South Terminal while this is ongoing. The safety and security of our passengers and staff remain our top priority. We are working hard to resolve the issue as quickly as possible.”
Train and bus services that serve the airport were also impacted while the police carried out their inquiries.
In an unrelated incident in south London on Friday morning, the US Embassy area in Nine Elms by the River Thames was the scene of a controlled explosion by Scotland Yard dealing with what they believe may have been a “hoax device”.
“We can confirm the 'loud bang' reported in the area a short time ago was a controlled explosion carried out by officers,” the Metropolitan Police said in a post on X.
“Initial indications are that the item was a hoax device. An investigation will now follow. Some cordons will remain in place for the time being but the majority of the police response will now be stood down,” it added.
