IHH tops TPG-backed consortium offer with $1.3b bid to buy India's Fortis

Photo: Reuters

IHH Healthcare Bhd. has proposed a potential bid of as much as $1.3 billion for Fortis Healthcare Ltd. that tops an offer from a TPG-backed consortium, according to people with knowledge of the matter, opening a possible takeover battle for India’s second-largest hospital chain.

Asia’s largest hospital operator sent a letter to the Fortis board Wednesday saying it may be willing to pay as much as 160 rupees per share to acquire control of the Indian company, the people said, asking not to be identified because the information is private. It has asked the Fortis board for some time to update its due diligence before making a formal bid, the people said.

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