Fortis Healthcare Ltd said it has decided to call for fresh bids for investing into the company for a controlling stake.
The move follows a messy proposals and counter-proposals by the three main bidders — a team of promoters of Hero MotoCorp and Dabur, TPG-Manipal group and IHH Healthcare of Malaysia.
Interestingly, the company had earlier accepted the proposal by Dabur-Hero promoter groups.
However, said Fortis Healthcare, the investors had agreed to reinitate the process.
“As a result, Munjal-Burman Consortium’s offer accepted by the Board on 10th May 2018 stands mutually terminated and the Board in its meeting held on 29th May 2018 has decided to initiate a fresh, time-bound process to optimize the Company’s and shareholders’ short and long term interests,” it said today.
It said the new process will ensure a “robust outcome coupled with tight timelines keeping in view the company’s near term obligations.”
Fortis said it will invite three bidders to participate in the new process: Munjal-Burman Consortium, TPG-Manipal Consortium, and IHH Healthcare Berhad.
Any other bidder can submit an ‘expression of interest’ or EoI by the end of this month.
“The Board shall evaluate the EOI submitted by Other Bidder(s) to decide their participation in the Process taking into consideration the contents of the EOI, inter-alia, (a) financing capability, (b) ability to consummate the Transaction in a timely manner, and (c) internal and external approvals required to consummate the transaction,” it said.
It said the board reserves the right to accept or reject any EOI submitted by without assigning any reasons.