IHH to takeover Fortis; to rebrand hospital chain into Gleneagles in future

Fortis hospital

On July 3, the organization got two restricting recommendations from IHH and TPG-Manipal consortium however Munjals-Burmans consolidates, which had prior turned into the favored bidder, and Radiant Life Care had pulled out.

Ravi Rajagopal, Chairman, Board of Directors at Fortis Healthcare said, "After a period of detailed consideration and evaluation, the Board of Directors is delighted to announce their approval of the IHH binding proposal".

The price is a 20 percent premium to Fortis's closing level on Thursday.

Manipal-TPG offered to infuse Rs 2,100 crore by buying shares through a preferential allotment at Rs 160 per share.

In a regulatory filing during a trading halt on Friday morning, Singapore-listed IHH said it could spend more than 73.5 billion Indian rupees (S$1.47 billion) to acquire a majority stake in Fortis Healthcare through a subscription and general offer.

The transaction is expected to be completed within 7 business days after the shareholders and the Competition Commission of India approve it. CCI's approval will be obtained concurrently with that of the shareholdersand can take approximately 60-75 days.

Analysts said IHH will hold a stake of 31.2-57.21 per cent, depending on the success of a mandatory open offer to the shareholders of Fortis Healthcare.

The offer represents a roughly 20 percent premium to its last closing price and caps a months-long bidding war for control of the Indian company that drew interest from domestic and worldwide suitors.

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Tan said IHH has developed a 100-day turnaround plan to improve the operating margins by around 500-600 basis points.

In a statement today, IHH said the offer price of INR170 per share implied an equity valuation of 22.3 times Fortis' earnings before interest, tax, depreciation and amortisation (ebitda) for the twelve months ended March 31, 2018.

The Fortis board had first accepted a merger offer from Indian firm Manipal Health Enterprises and U.S. private equity firm TPG Capital.

"The arrival of the Audited FY 2018 money related proclamations was a key turning point in supporting the general accomplishment of the exchange", Rajagopal stated, including the board looked "forward to proceeding with the discourse with our investors in front of the EGM to favor the exchange".

The newly reconstituted board of Fortis had on May 29 initiated a fresh bidding process to meet FHL's long term and short term objectives.

"The proposals represent an opportunity for IHH to further expand its growth footprint in India, given India's tremendous growth potential with the rising demand for quality private healthcare", it said.

The determination access and administration cooperation was offered to all the four bidders, Fortis said.

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