IHH says Fortis board declines to engage on takeover offer
Mumbai: Malaysia’s IHH Healthcare Bhd said on Monday India’s Fortis Healthcare Ltd declined to engage with the company regarding a takeover offer, citing binding agreements made with other parties.
IHH, one of Asia’s largest healthcare operators, bid 160 rupees ($2.45) per share to buy Fortis last week, topping a 155 rupees per share offer from Fortis’s Indian rival Manipal Healthcare Enterprises Private Limited.
On Monday the Malaysian firm said the Fortis board sent it a response letter indicating it was unable to engage with IHH due to binding agreements with Manipal Health Enterprises Private Limited, Manipal Global Health Services and TPG Asia.
(Reporting by Zeba Siddiqui in Mumbai Editing by Eric Meijer)
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