In the Fortis Healthcare bidding process, Sunil Kant Munjal of Hero Enterprises and the Burman family of Dabur group reportedly have backed out of the deal after months of talks. Now, with these two companies out of the bidding process, Malaysia’s IHH Healthcare and Manipal-TPG combine reportedly have submitted fresh bids for the cash-strapped healthcare company.
The reason for Munjal-Burman family combine pulling out of the bidding process has not yet been revealed.
The Fortis board had put up a fresh criteria on May 29 that the potential buyer had to make at least investment of Rs 1,500 crore into Fortis Healthcare by way of preferential allotment, according to a TOI report.
According to the new criteria set for suitors, they should have a plan for providing exit to private equity investors of diagnostic arm SRL besides acquisition of RHT Health Trust (RHT).
The company said it has received Binding Bids on July 3, 2018 and the binding bids will be evaluated by the board in consultation with its advisors.