Manipal TPG further sweetens offer for Fortis, raises value to Rs 83.58 bn

The takeover battle for Fortis was kicked off earlier this year when its founders lost control of their shareholding because of their mounting debts

Fortis Healthcare Ltd. received a revised takeover offer from its first suitor, an Indian company backed by private equity firm TPG, ahead of a board meeting to decide a winner in the bidding war for the country’s second-largest hospital chain.

Manipal Health Enterprises Pvt. has proposed merging with Fortis in a deal that will value the latter at Rs 83.58 billion ($1.3 billion), translating into Rs 160 a share, it said Sunday in a letter to Fortis board. While Fortis will undertake a rights issue to raise additional funds after the merger, Manipal Health has offered to subscribe for a