Fortis board considering four offers for a sale

Bengaluru: India’s Fortis Healthcare said on Friday its board had decided to consider offers from four parties in a fresh round of bidding for the hospitals operator, following a fierce takeover battle involving five suitors.

The board will evaluate bids from Hero-Burman group, a consortium of Manipal Health Enterprises and the private equity firm TPG Capital, Malaysia’s IHH Healthcare Bhd and Radiant Life Care Private Ltd, Fortis said in a statement.

Fortis said it had received interest from “various interested parties” on Thursday and the board decided to consider these four offers.

An expected boom in India’s private healthcare sector has sparked a keen interest in Fortis. Its board previously agreed to an investment offer of Rs1,800 crore ($265 million) from the Hero-Burman group, but a lukewarm response from shareholders triggered the new bidding process.