IHH Healthcare extends validity of revised offer for Fortis to June 30

Earlier this week, the Manipal-TPG combine had also extended the validity of its modified offer for Fortis Healthcare to June 6, 2018

Malaysian firm IHH Healthcare Berhard on Friday extended the acceptance period for its enhanced revised proposal for acquiring Fortis to June 30 in the wake of changes in the board of the cash-strapped healthcare chain.

Earlier, out of four directors whose removals were sought by two institutional investors, three directors — Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill — had resigned ahead of an extraordinary general meeting (EGM) called to vote on the matter.

This week, the shareholders had voted out the fourth director, Brian Tempest, from the board in the EGM held on May 22.