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IHH Healthcare extends acceptance period for its offer for India's Fortis to May 29

IHH Healthcare said that it has written to India's Fortis Healthcare, following the revised offer tabled by Manipal Hospitals on Monday, to seek clarity on whether there is a new bid process to be initiated by Fortis' board.

It is also extending the acceptance period for its offer of 175 rupees (S$3.47) a share for a 40 billion rupee investment to May 29.

"If there is indeed a new bid process that the board is proposing to initiate, we would like to participate in such a process and request that we be kept informed of any developments regarding the same," IHH Healthcare said in a letter to Fortis' board on Thursday.

The bid process was concluded with Fortis Healthcare having accepted an offer of investment from two prominent business families Hero Enterprise Investment Office and Burman Family Office, to invest 18 billion rupees into Fortis Healthcare.

Notwithstanding the decision, Manipal Hospitals enhanced its proposal on Monday with a revised offer of 180 rupees a share, valuing the company at 94.03 billion rupees.

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The new offer is significantly better than any other offer or bid that Fortis has received to date, including the one by Hero and Burman, Manipal said in its statement, urging Fortis' board of directors to refer the offer to its shareholders.

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