Fortis deal: Investors to challenge if Manipal-led group is winning bidder

Fortis has said that its board plans to meet on May 10 to consider the recommendations of the advisory panel set up to evaluate the bids

Two major investors in Fortis Healthcare, who have concerns over the bidding process for the cash-strapped Indian hospital operator, plan to vote against a Manipal Hospitals-led consortium if that group is selected as the winning bidder.

Such a move risks complicating the bidding process for Fortis, which has drawn bids and investment offers from five firms and investment groups keen to either buy, or partner with a group which operates a network of some 30 hospitals in India.
 

The investors' plan to block a Manipal-led bid comes after Fortis' board extended the deadline for the Manipal Hospitals-TPG combination to submit a