Report: Malaysia's IHH asked for time, financials before Fortis bid

A Fortis hospital building is pictured in New Delhi. Suitors including Chinese conglomerate Fosun International Ltd are vying for Fortis after the company

MUMBAI: IHH Healthcare Bhd has asked Fortis Healthcare Ltd for three weeks to complete due diligence ahead of making a potential binding offer, people with knowledge of the matter said, as the takeover battle for India’s second largest hospital chain escalates.

IHH, Asia’s most valuable hospital operator, sent a letter to Fortis’ board on Monday with the due diligence request following its cash purchase proposal last week valuing the company at as much as US$1.3bil, the people said. The letter says IHH is seeking information related to investigations of Fortis by India’s fraud watchdog and stock market regulator, said the people, who asked not to be identified because the information is private.