Fortis accepts $584 million stake deal from Malaysia's IHH Healthcare

IHH Acquires Fortis Healthcare

"The Board of Directors of Fortis Healthcare Limited (FHL) unanimously chose to recommend the binding investment proposal from IHH Healthcare Berhad (IHH) to invest Rs 4,000 crore by way of preferential allotment at a price per share of Rs 170", Fortis Healthcare said in its statement.

IHH's offer is the third one that Fortis has approved this year.

"We are very happy to note the successful completion and selection of IHH as the partner for Fortis".

A report by an outside law firm commissioned by Fortis's board found about 4.5 billion rupees was improperly loaned to intermediary companies, which ultimately used the funds to benefit entities linked to the Singhs.

Also, there were allegations that they diverted funds from the company, a charge that the duo, who have since left the company, denied.

Private healthcare spending in te country is rising, and the government is working on expanding insurance to hundreds of millions of people in a country that lacks adequate heath facilities.

In an announcement, Fortis said under the acknowledged offer, IHH would implant Rs 4,000 crore through membership to the special portion at a cost of Rs 170 for each offer.

Police Clash With Residents After Fatal Shooting; ‘We’re Tired; You’re Killing Us’
Some in the crowd held cameras up to take video, while others behind them threw rocks and glass bottles, some filled with urine. The video, which lacks sound, shows four officers approaching Augustus on Saturday outside a store on the city's South Side.

CFP extends agreements with Cotton, Fiesta, Peach Bowls
The full semifinal hosting schedule through 2026 can be found at the source link. It will host semifinals again in the 2021 and 2024 seasons.

Carmelo Anthony could become free agent
Yet, it looks Anthony will likely continue that backseat role in Houston if he joins forces with MVP James Harden and Chris Paul . Carmelo Anthony's time as a member of the Oklahoma City Thunder has almost run its course.

Fortis' board had in early May previously accepted a proposed 18 billion rupees (S$359 million) offer from the Hero-Burman consortium following a five-cornered takeover fight for the cash-strapped firm, but shareholders opposed the decision later that month which led to the company reopening the bidding process. Manipal Healthcare Enterprises is from the Indian state Karnataka and was offering 160 INR per share.

"The IHH proposal offers a more strategically and financially compelling proposition along with simplicity and certainty", Fortis Healthcare Chairman Ravi Rajagopal said.

The company said its Board considered merits of both the binding bids and took into account recommendation of its Financial Advisors (Standard Chartered Bank and Arpwood Capital) and the legal advice from Legal Advisors (Luthra & Luthra Law Offices and Cyril Amarchand Mangaldas), in approving IHH's offer. A four-months-long takeover fight drew as many as five potential suitors from as far away as the USA and China, all keen to win a prime position in one of the world's most under-served health-care markets.

In another separate filing with the bourse, IHH said trading of IHH shares has been halted with effect from 9.22am today and will only resume from 2.30pm onwards.

The diligence access and management interaction were offered to all the four bidders, Fortis said.

The company then approved an 18 billion rupees investment offer from a consortium of two prominent Indian business families.

But with several shareholders expressing their displeasure through the process, Fortis was forced to re-evaluate its initial choice and re-open the bidding process.

Related News:

  • Prince Charles and Price William Both Refused To Meet Donald Trump

    Prince Charles and Price William Both Refused To Meet Donald Trump

    However, it's still unusual that an American president would only meet the queen and not any other member of the royal family. The protests in the United Kingdom continued Saturday as Trump visited his golf club at Turnberry.

    Suspect in shooting of 3 KC cops dies in standoff

    The suspect was considered a person of interest in the slaying of college student Sharath Koppu in Kansas City earlier this month. Approximately 12:15pm undercover and tactical officers were conducting an ongoing investigation at 8300 E 40 hwy.
    Brexit, protests cast shadow over Trump's visit to Britain

    Brexit, protests cast shadow over Trump's visit to Britain

    Nearly all of Trump's activities will be outside the city: He'll meet the Queen at Windsor Castle, not Buckingham Palace. Trump said May had ignored his advice on how to negotiate Britain's exit from the European Union. "Look around.
  • MS Dhoni booed by Indian spectators during second ODI against England

    MS Dhoni booed by Indian spectators during second ODI against England

    There was booing after every dot ball, a rare occurrence considering the huge fan base Dhoni enjoys around the cricketing globe. He has the experience but sometimes it doesn't come off. "But you´ve got to play him well still", said Morgan of Kuldeep.
    'Sue The EU!' - Donald Trump's Brexit Advice To Theresa May Revealed

    'Sue The EU!' - Donald Trump's Brexit Advice To Theresa May Revealed

    Facing down the critics, she's reminding MPs to keep their "eyes on the prize" or prepare for the no-deal scenario. Leading Tory Brexiteer Jacob Rees-Mogg has called the White Paper a "bad deal for Britain".
    Trump sets expectations low for Helsinki summit with Putin

    Trump sets expectations low for Helsinki summit with Putin

    I believe that having a meeting with Chairman Kim was a good thing. I don't know him. "There must be other Americans in the room". I got 306! They were sooooo wrong in their election coverage.
  • Russia to extend soccer fans' visa-free regime to end

    Russia to extend soccer fans' visa-free regime to end

    Foreign spectators with an official Fan ID issued by Russian authorities are allowed to enter Russia visa-free. France beat Croatia in dramatic World Cup final featuring VAR penalty call, six goals and pitch invasion.
    The wedding’s off! Caroline Flack breaks up with Andrew Brady

    The wedding’s off! Caroline Flack breaks up with Andrew Brady

    She told the Mail On Sunday: "What can I say?" "At this point she feels like he has used her so much, and that he's full of lies". Caroline recently admitted Andrew made her "heart flutter", a feeling she had forgotten about when she wasn't in love.
    Dozens injured after mid-air pressure drop on Ryanair flight

    Dozens injured after mid-air pressure drop on Ryanair flight

    Passengers on a budget airline have suffered bleeding from the ears, mouth and nose after their plane plummeted 27,000 feet. According to some passengers, the plane made a sharp and fast descent with numerous passengers on board panicking.
  • UK Government publishes White Paper on Brexit

    By pushing for close ties, the paper does little to ease the anger of Brexit supporters in May's Conservative Party. It is about unlocking and accelerating talks with the European Union - including on financial services.
    Degenkolb wins chaotic Tour stage over the cobbles

    Degenkolb wins chaotic Tour stage over the cobbles

    After tomorrow's rest day, racing resumes in the Alps on Tuesday with Stage 10 from Annecy to Le Grand Bornand. But Van Avermaet extended his overall lead to 43 seconds from Geraint Thomas.

    Jodie Whittaker’s First Doctor Who Teaser Trailer is Here!

    The show also has a new showrunner, with Broadchurch's Chris Chibnall taking over from Steven Moffat . Now, nearly a year later, we finally have a first look at the beginning of her story.


Most liked

Barcelona to Table Second Bid for Premier League superstar
According to Sky Sports , Barcelona are going to up the ante slightly and put up £3 million more for the transfer of Willian . Brazil were knocked out in the quarter-finals by Belgium, but Willian's performances at the tournament did not go unnoticed.

Parliament vote to reveal extent of anger over May's Brexit plan
Prime Minister Theresa May came under yet more pressure today as another member of the government resigned. Prime Minister Theresa May has told the BBC the U.S. president urged her to sue.

Cop killed after hit with rock, shot with own gun
Chesna was a military veteran who served in Iraq and Afghanistan, said Weymouth Police Chief Richard Grimes. This story has been corrected to show that the suspect's first name is spelled Emanuel, not Emmanuel.

Clashes, road accidents mar French World Cup partying
The World Cup victory has also fueled French patriotism, with people waving flags and singing "La Marseillaise ". Mahmoud Bourassi had some sobering thoughts about France's run to the title and the festivities it has sparked.

Bill Murray & Selena Gomez to Star in Jim Jarmusch's Zombie Movie
Paterson was a near flawless motion picture about a blue collar everyman ( Adam Driver ) discovering poetry in the mundane. That movie was prestigious enough, despite its genre, to be nominated for the Palme d'Or at the 2013 Cannes Film Festival.

Take the ultimate World Cup 2018 quiz and test your knowledge!
Congratulating Kane on winning the Golden Boot , Shearer tweeted: "Congratulations @ HKane on winning the golden boot". There have been games in this tournament when I could have done better but that's all part of the learning curve.

Everything you need to know about Australia's first Amazon Prime Day
Flipkart will introduce its Big Shopping Days, whereas Amazon will open its Prime Day 2018 on July 16. Some key phones are also going on flash sale during the big shopping days, with limited availability.

Conor McGregor praises Vladimir Putin after World Cup final
Notorious was at the Luzhniki Stadium at the same time as rival Khabib Nurmagomedovm, who he fight. Like Putin or not, one has to admit his nation hosted a superlative and incident free World Cup...

Riyad Mahrez targets Champions League glory with Manchester City
This is the past and we are looking forward now. "It's a good thing". " They have everything to try to win the Champions League ". He said: "They (City) offered and Leicester rejected the offers, but it's the past.

Mickelson says he will try to act better on golf course
The layout has only been played once before, at the Scottish Open in 2015. "I'm trying not to get excited at all to be honest". And it was my birthday and I tend to do dumb stuff on my birthday.

Tips to prevent West Nile Virus infection this summer
Severe illness can occur in people of any age; however, people over 60 years of age are at greater risk. The virus is spread through the bite of a mosquito that had been feeding on an infected bird.

Kensington Palace has released Prince Louis's christening photos and OMG, how stunning
It could've been deliberate on Markle's part , but it does kind of look like she wasn't given the memo about the "colour scheme". I only hope I have captured some of that joy in my photographs, ' Holyoak said in an official statement.

Sacha Baron Cohen Fools Republicans Into Filming Ad About Arming Toddlers
Cohen is "a amusing guy because he gets people to say stupid things", Walsh told the network. "The NRA wants to arm the teachers". Joe Wilson (R-SC). "In less than a month, a first grader can become a first grenader", Walsh says.

In Cup final, French vigor vs. Croats' savvy
In the end, France were champions, sealing their second World Cup trophy and their first in 20 years, when they won it home soil. However, in recent games, Mbappe has been the one to step up and show why he might be the best young professional on the planet.

Kane wins World Cup Golden Boot
The striker tied fellow Englishman Gary Lineker's 1986 record, becoming only the second Three Lions player to lead a World Cup in scoring.