IHH extends deadline for Fortis to accept its offer

KUALA LUMPUR: IHH Healthcare Bhd is not giving up on its bid to acquire Fortis Healthcare Ltd.

The company, in a filing with Bursa Malaysia today, said it had extended the acceptance period until May 29 for the Indian healthcare operator to consider its takeover offer.

The earlier bid had lapsed on May 15.

“The terms of the revised proposal and the enhanced revised proposal remain unchanged and fully valid and in force,” IHH said.

IHH 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.

Fortis, last Thursday, had accepted a joint offer from Hero Enterprise Investment Office and Burman Family Office to invest 18 billion rupees in the ailing hospital chain.

Corporate News , IHH Healthcare , Fortis