Fortis Healthcare’s reconstituted board has reportedly decided to start new bidding process with interested investors for a deal and has sought expressions of interest by May 31. As part of the fresh process, interested parties will receive 10 days to conduct financial and legal due diligence.
The board has invited the Munjal-Burman combine, Malaysian healthcare group IHH and the Manipal-TPG consortium, three contenders who have been involved in the bidding process since April, to participate in the fresh process as well.
The board is targeting to shortlist by June 01 any other bidders based on the EOIs they submit for a transaction. Unconditional binding bids for the company following due diligence have to be submitted by June 14.
Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care specialty and hospitals, with a healthcare network spanning 9 countries.
