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Fortis Healthcare bidding war: The story so far

(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.


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 Manipal Hospitals for every 100 Fortis shares held


- Binding offer to buy 20 pct of SRL's share capital from company for roughly 7 billion rupees ($105.93 million) and 30.93 pct from the PE investors for about 11.13 billion rupees


-Total infusion of about 39 billion rupees by Manipal promoter 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 be FHL subsidiary

-Boards of SRL and FHL to consider the merger of both companies

-Manipal to undertake rights issue for up to 40 billion rupees

-Afterward upward revision, equity value stands at 60.61 billion rupees


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


- Unsolicited non-binding offer to invest 12.50 billion rupees via preferential allotment route

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


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

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


- Unsolicited non-binding expression of interest shall not enable 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, up to total investment of $350 million


April 18 - IHH Healthcare revises its offer


-Offer is contingent on due diligence, IHH is ready to infuse 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 ($227.20 mln) directly into the company

-Upfront investment of 7.50 billion rupees with 5 billion rupees via preferential issue of shares; 10 billion rupees via preferential issue of warrants

- Group said they seek two board seats and recommend that more independent directors be added

Radiant Life Care Private Ltd offers to invest in Fortis

- Gets unsolicited non-binding expression of interest from Radiant Life Care with a proposal for investing and/or re-structuring Fortis

- Proposal includes offer for demerger of hospital business from FHL into a new company

- The all-cash offer is 126 rupees per share; it values the whole of Fortis at 165 rupees per share, or 85.58 billion rupees, including the SRL stake.

- Offer subject to Radiant being able to buy 26 percent or more 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

($1 = 66.0800 Indian rupees)


(Reporting by Krishna V Kurup, Tanvi Mehta and Subrat Patnaik in Bengaluru, Editing by Sherry Jacob-Phillips)