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.