Fortis Healthcare Ltd gets approval from Hero Enterprise Investment and Burman Office

Vastavam web: Fortis Healthcare Ltd (FOHE.NS) on Monday said the consortium of Hero Enterprise Investment Office and Burman Family Office, which won a five-way bidding war for the Indian firm, has permitted re-opening the bidding process, amid shareholder concerns over the board’s choice of the underdog.The board of the cash-strapped company approved the consortium’s offer to invest 18 billion rupees ($266.9 million) earlier this month.However, investors have been wary of the board’s selection, given the consortium’s offer was much lower than those of Manipal Hospitals Enterprises or Malaysia’s IHH Healthcare Bhd (IHHH.KL).

In a letter to the company’s board on Monday, the Hero-Burman group acknowledged stakeholders’ preference for re-opening the bidding process.Fortis has been in the middle of a five-way bidding war with local and international suitors wanting to invest in the firm or buy it. Manipal sweetened its offer for a fifth time after the Hero-Burman offer was selected, and IHH extended the acceptance period for its offer.