Fortis battle may drag; TPG-Manipal, IHH await shareholder verdict

The takeover saga at Fortis Healthcare is far from over. A day after the Fortis board chose, after a 15-hour long deliberation, the fund infusion offer from the Hero Enterprise-Burman Family Office for the healthcare chain, other bidders in the fray have not laid down their weapons. 

The Manipal-TPG combine and Malaysia’s IHH Healthcare expressed their disappointment with the board’s choice, and indicated they would wait for the shareholders’ decision now. Meanwhile, Fortis Director Brian Tempest spoke to the media on Friday, explaining the rationale behind the board’s choice — ‘certainty of the offer and liquidity flowing into the company.’