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Timeline: Fortis Healthcare bidding war - The story so far

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A Fortis hospital building is pictured in New Delhi

A Fortis hospital building is pictured in New Delhi, India, May 6, 2018. REUTERS/Adnan Abidi

(Reuters) - Fortis Healthcare Ltd (FHL), which runs about 30 hospitals in India, has become a target of a heated takeover battle, with five entities bidding for the embattled company.

Fortis has set up an advisory committee to evaluate binding offers from suitors vying to acquire the company, or take a stake in it.

May 1 is the deadline for binding offers, which will be evaluated by an expert advisory panel. The board is set to meet on May 10.

Following are the details of the bids:


March 27 - Manipal Hospitals Enterprises Private Ltd offers to buy Fortis' hospital business

* Fortis shareholders to get 10.83 shares in ManipalHospitals for every 100 Fortis shares held * Binding offer to buy 20 pct of SRL's share capital fromcompany for roughly 7 billion indian rupees ($104.38 million)and 30.93 pct from the PE investors for about 11.13 billionrupees * Total infusion of about 39 billion rupees by Manipalpromoter and TPG Asia VII SF

April 10 - Manipal sweetens bid for Fortis hospitals

* Revises offer to 155 rupees per share * SRL Ltd, in which Fortis holds a stake, to continue to beFHL subsidiary * Boards of SRL and FHL to consider the merger of bothcompanies * Manipal to undertake rights issue for up to 40 billionrupees * Afterward upward revision, equity value stands at 60.61billion rupees

April 12 - Unsolicited binding offer From Hero Enterprise Investment Office and the Burman Family Office

* Unsolicited binding offer to invest 12.50 billion rupeesvia preferential allotment route

April 13 - Malaysia's IHH Healthcare Berhad tops Manipal's bid

* Unsolicited non-binding expression of interest for 160rupees per share

April 17 - China's Fosun International's unit Fosun Health Holdings submits offer

* Unsolicited non-binding expression of interest shall notenable Fosun to hold more than 25 percent of Fortis securities * Primary infusion at up to 156 rupees per share,subject to due diligence to be completed within three weeks, upto total investment of $350 million

April 18 - IHH Healthcare revises its offer

* Offer is contingent on due diligence, IHH is ready toinfuse 40 billion rupees at price up to 160 rupees per shares

April 19 - Munjals, Burmans revise their offer

* Revise their offer to invest 15 billion rupees ($227.20mln) directly into the company * Upfront investment of 7.50 billion rupees with 5 billionrupees via preferential issue of shares; 10 billion rupees viapreferential issue of warrants * Group said they seek two board seats and recommend thatmore independent directors be added

Radiant Life Care Private Ltd offers to invest in Fortis

* Gets unsolicited non-binding expression of interest fromRadiant Life Care with a proposal for investing and/orre-structuring Fortis * Proposal includes offer for demerger of hospital businessfrom FHL into a new company * The all-cash offer is 126 rupees per share; it values thewhole of Fortis at 165 rupees per share, or 85.58 billionrupees, including the SRL stake.

* Offer subject to Radiant being able to buy 26 percent ormore shares of the new company via open offer

April 24 - IHH Healthcare tweaks earlier proposals

• Offers to immediately infuse 6.50 billion rupees under a binding proposal and subsequently invest up to 33.50 billion rupees under a non-binding proposal


Radiant Life Care revises offer for Fortis

• Makes binding offer for Fortis Mulund Hospital at an enterprise value of 12 billion rupees

• Retains proposal to demerge Fortis' hospital business into a new company• Proposes to spin off Fortis' SRL business • The offer values FHL at 170 or 175 rupees per share, depending upon SRL's valuation after proposed demerger• The all-cash offer of 126 rupees per share for the hospital business stays, which excludes SRL stake


Manipal raises Fortis offer

• Raises offer to 63.22 billion rupees from 60.61 billion rupees• To provide financial assistance of up to 7.50 billion rupees• In addition to buying the SRL stake from PE investors, Manipal to acquire a 5 percent stake in SRL from Fortis


May 01 - IHH Healthcare sweetens bid

• Immediate equity infusion at 175 rupees per share

• Subsequent equity infusion at price up to 175 rupees per share


Munjals & Burmans submit modified investment proposal

• Raises offer to invest 18 billion rupees, including upfront investment of 10.50 billion rupees, via subscription to shares and warrants

• Offer comprises 8 billion rupees via preferential issue of shares, 10 billion rupees via preferential issue of warrants

• Shares valued at 167 rupees apiece, while each warrant to fetch 176 rupees


May 06 - Manipal sweetens bid again, outlines cash injection plan

• Values Fortis at 83.58 billion rupees, i.e. 160 rupees per share

• Offers to inject 21 billion rupees by way of preferential allotment, giving Manipal and TPG the right to appoint non-executive directors, provided Fortis board has a minimum of seven directors

• SRL board to be restructured post acquisition of PE stake; deal to be reworked as previous term sheet had expired


($1 = 67.0625 Indian rupees)


(Compiled by Bengaluru newsroom, Editing by Sherry Jacob-Phillips)