IHH likely to bid for Fortis hospitals, take on TPG-backed firm's offer

It is currently discussing the potential level of the bid, said others

IHH Healthcare Bhd. is preparing to formally approach Fortis Healthcare with an offer for the hospital operator that will put it in competition with a TPG-backed consortium, people with knowledge of the matter said.

IHH, Southeast Asia's largest hospital operator, aims to send a letter to the Fortis board within the next couple of weeks about its plans to bid for the company, according to the people. The Kuala Lumpur-based company is contemplating a cash offer for Fortis, which has a market value of about $1.2 billion, the people said, asking not to be identified because the information is private.

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