Fortis Healthcare Board receives 'Binding Bids'; here are the details

Fortis Healthcare (FHL) on Tuesday said that its Board has received "Binding Bids" from suitors under the new transaction process.

"The `Binding Bids` will be evaluated by the Board of Directors of the company in consultation with its advisors," FHL said in a BSE filing on Tuesday.

On June 29, FHL had extended the deadline for submission of binding bids to July 3.

FHL had earlier said that it will consider the bids of four suitors -- Hero Enterprise Investment Office and Burman Family Office, IHH Healthcare Berhand, Radiant Life Care and TPG Asia and Manipal Health Enterprises -- in the new transaction process.

The earlier date of bid submission was June 28.

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On its part, IHH in a filing to Bursa Malaysia informed that it has on Tuesday "issued a letter to the Board of Fortis setting out a binding offer, which supersedes and replaces the Enhanced Revised Proposal".

"The 'Binding Offer Letter' represents IHH`s only binding offer. Legal obligations and agreement between IHH and Fortis will be created only after the Board of Fortis approves the preferential allotment in terms of the share subscription agreement to be executed between Fortis and IHH or the nominee of IHH."