Fortis starts fresh bidding process, TPG-Manipal, Munjal-Burman, IHH invited

Bengaluru: Fortis Healthcare Ltd on Tuesday initiated a fresh bidding process, after the board’s previous choice of the investment offer in the bidding war did not appeal to shareholders.

Three bidders—a consortium of Hero Enterprise Investment Office and the Burman Family Office, a consortium of TPG and Manipal Health Enterprises, and Malaysia’s IHH Healthcare Bhd — have been invited to participate in the process.

The invited bidders, should submit their interest by 31 May, Fortis said on Tuesday. It also invited other parties to submit their expression of interest.

On Monday, the consortium led by Hero Enterprise chairman Sunil Munjal and Dabur India Ltd chairman Anand Burman gave its consent to reopen the bidding process for sale of troubled Fortis Healthcare Ltd.

The consortium’s offer to buy Fortis was selected by the erstwhile board, of which three members resigned and the fourth, the company’s chairman Brian Tempest, was voted out of the board by shareholders.

Munjal and Burman told Fortis that they provided their consent for the company to re-open the bidding process so that the company can “expeditiously” finalize and close its fund-raising so that its business does not suffer any further.