Malaysia’s IHH Healthcare Bhd has extended the validity of its enhanced revised proposal by two weeks to acquire a stake in India’s ailing hospital chain Fortis Healthcare Ltd, according to a filing with Bursa Malaysia.
This is despite a recent report that Fortis said it has accepted an offer from Hero Enterprise Investment Office and Burman Family Office for 18 billion rupees ($266.5 million), subject to shareholder approval.
IHH has issued an extension letter to Fortis’ board of directors, extending the acceptance period of the enhanced revised proposal until 11.59 pm on May 29, 2018. The earlier bid had lapsed on May 15, 2018.
“Please note that the enhanced revised proposal remain unchanged and fully valid and in force,” said the letter.
IHH added that it will make appropriate announcement to Bursa should there be any further development in the matter. It is offering to make an immediate equity infusion at 175 rupees per share and a subsequent equity injection at a per share price not exceeding 175 rupees.