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

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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.

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