Hero Enterprises Chairman Sunil Kant Munjal told PTI that the Burmans-Munjals combine were hoping that their offer would be seen "as beneficial by the shareholders as much as it has been seen by the company and the board now". "We think the offer that we bring to the table will be beneficial for everyone at Fortis - doctors, patients, shareholders, medical employees and non medical employees". "Shareholders will push for change of the board".
Without disclosing in detail their vision for Fortis, Dabur's Anand Burman said that they have very explicit plans for the first 30 days, 100 days and 365 days for the company.
The decision by the Fortis Healthcare board to recommend the offer of the Hero and Burman family consortium for sale of its business to the shareholders for approval later this month was primarily guided by the certainty of liquidity flowing in to enable greater efficiency, a top Fortis official said on Friday.
Fortis Healthcare Ltd.'s board passed over bids backed by U.S. private-equity giants TPG and KKR & Co.in favour of the Burman and Munjal families in the contentious battle for control of India's second-largest hospital chain. "It is now for shareholders to decide whether they will accept the board's recommendation", he added. Fortis has set up an advisory committee to evaluate offers from suitors vying to acquire the company, or take a stake in it.
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Redistribute savings generated by a prescription drug discount program for hospitals that treat a large number of poor patients. Trump officials have suggested requiring Medicare pharmacy benefit managers to share rebate payments with patients.
The fifth bidder, Fosun Health Holdings, an arm of Fosun International, which made a non-binding proposal to invest a total of Dollars 350 million (over Rs 2,295 crore) at a price up to Rs 156 per share, did not revise its offer. The group will also put in '1,000 crore through warrants.
The Fortis board approved a joint offer made by Hero Enterprise Investment Office and the Burman Family for an upfront equity infusion of Rs 800 crore.
The shareholder, who is looking for an exit at price of Rs 200 per share, said it's expecting those who have lost out on Thursday to come out with a counter offer. Fortis Healthcare stock declined 2.66 per cent to close at Rs 148.40 on BSE. Also, as per the terms of the latest offer, Manipal Hospitals will merge with FHL, as against the earlier proposal to demerge Fortis' hospitals business and merge it with Manipal Hospitals.
It should also be noted that Munjal and Burman also hold minority stake already in Fortis Healthcare. The "Enhanced Revised Proposal" offered an immediate equity infusion of Rs 650 crore at a valuation of Rs 175 a share, up from its previous offer at Rs 160 per share, along with a subsequent equity infusion of Rs 3,350 crore subject to satisfactory completion of the due diligence process.