Fortis Healthcare bidding war: A timeline

Fortis Healthcare Ltd (FHL), which runs about 30 hospitals in India, has become a target of a heated takeover battle, with five entities bidding for the embattled company. Fortis has set up an advisory committee to evaluate binding offers from suitors vying to acquire the company, or take a stake in it. May 1 is the deadline for binding offers, which will be evaluated by an expert advisory panel. The board is set to meet on May 10.

Following are the details of the bids:

March 27 - Manipal Hospitals Enterprises Private Ltd offers to buy Fortis` hospital business
April 10 - Manipal sweetens bid for Fortis hospitals
April 12 - Unsolicited binding offer From Hero Enterprise Investment Office and the Burman Family Office 
April 13 - Malaysia`s IHH Healthcare Berhad tops Manipal`s bid 
April 17 - China`s Fosun International`s unit Fosun Health Holdings submits offer
April 18 - IHH Healthcare revises its offer 
April 19 - Munjals, Burmans revise their offer
Radiant Life Care Private Ltd offers to invest in Fortis
April 24 - IHH Healthcare tweaks earlier proposals
• Offers to immediately infuse 6.50 billion rupees under a binding proposal and subsequently invest up to 33.50 billion rupees under a non-binding proposal 

Radiant Life Care revises offer for Fortis
• Makes binding offer for Fortis Mulund Hospital at an enterprise value of 12 billion rupees
• Retains proposal to demerge Fortis` hospital business into a new company• Proposes to spin off Fortis` SRL business • The offer values FHL at 170 or 175 rupees per share, depending upon SRL`s valuation after proposed demerger• The all-cash offer of 126 rupees per share for the hospital business stays, which excludes SRL stake 

Manipal raises Fortis offer 
• Raises offer to 63.22 billion rupees from 60.61 billion rupees• To provide financial assistance of up to 7.50 billion rupees• In addition to buying the SRL stake from PE investors, Manipal to acquire a 5 percent stake in SRL from Fortis 

May 01 - IHH Healthcare sweetens bid
• Immediate equity infusion at 175 rupees per share
• Subsequent equity infusion at price up to 175 rupees per share

Munjals & Burmans submit modified investment proposal
• Raises offer to invest 18 billion rupees, including upfront investment of 10.50 billion rupees, via subscription to shares and warrants
• Offer comprises 8 billion rupees via preferential issue of shares, 10 billion rupees via preferential issue of warrants 
• Shares valued at 167 rupees apiece, while each warrant to fetch 176 rupees 

May 06 - Manipal sweetens bid again, outlines cash injection plan
• Values Fortis` hospital business at 83.58 billion rupees, i.e. 160 rupees per share

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• Offers to inject 21 billion rupees by way of preferential allotment, giving Manipal and TPG the right to appoint non-executive directors, provided Fortis board has a minimum of seven directors
• SRL board to be restructured post acquisition of PE stake; deal to be reworked as previous term sheet had expired