Race for Fortis: Munjals-Burmans claim their proposal offer best value

Race for Fortis: Munjals-Burmans claim their proposal offer best value

New Delhi, May 7 (PTI) Hero Enterprises and Burman family today claimed their proposition for Fortis was the best offer for the healthcare major as it would value the company to up to Rs 9,000 crore.

A day after Manipal-TPG combined revised their offer upwards valuing Fortis at Rs 8,358 crore, Munjals and Burmans said if their offer were to be accepted, they would immediately infuse an upfront amount of Rs 1,050 crore which would value the healthcare chain more than what their rival has offered.

?Our offer is the fastest on time. We anticipate it will take 45-60 days while the other offers will take longer to implement,? Hero Enterprisess Sunil Kant Munjal said in a statement.

He further said, ?Moreover, our bid is unconditional and does not include any walk-away clauses unlike the others.?

Anand Burman said being long term and thoughtful investors, "we are well positioned to help sharpen the focus on patient care while building value for all Fortis shareholders and all stakeholders.?

Yesterday, on the last date to revise their offer, Manipal-TPG combined proposed to value Fortis at Rs 8,358 crores, translating into a per share value of Rs 160. They had also offered to subscribe to equity shares of Fortis by way of preferential allotment for Rs 2,100 crore at a price per equity share of Rs 160.

"The implementation of the new offer does not require any further due diligence to be conducted by us...," they had stated, adding they were ready to work with Fortis and its management to ensure swift execution of steps required to be taken to implement their revised proposition.

Comments from Manipal-TPG could not be immediately obtained.

The Expert Advisory Committee and the board of Fortis will meet on May 10 to take a decision on the binding bids received by the company.

Cash-strapped Fortis has received binding offers from four entities - KKR-backed Radiant Life Care, IHH Healthcare, Manipal/TPG consortium, and Munjal and Burman family offices.

The fifth bidder, Fosun Health Holdings, an arm of Fosun International, which made a non-binding proposal to invest a total of USD 350 million (over Rs 2,295 crore) at a price up to Rs 156 per share, did not revise its offer. PTI MSS RKL MR