Fortis Healthcare takeover saga: Now TPG-Manipal makes fresh offer

Move to replace Fortis directors gains momentum

Three days after the Fortis Healthcare board chose the Hero Enterprise-Burman offer, the Manipal Hospitals-TPG combine has come up with a revised bid, raising its earlier offer by 12.5 per cent. 

In its latest offer, the Manipal-TPG combine has proposed a preferential allotment of Rs 180 per share. 

The offer values Fortis at Rs 94.03 billion. The combine has proposed merger of Fortis' hospital assets with Manipal hospitals, which is being valued at Rs 60.70 billion for the purpose of the merger. This is the highest offer made to date. Manipal Hospitals-TPG have further agreed to underwrite the rights issue.

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