20-Apr-18, ET Healthworld
Fortis Healthcare’s board is setting up an expert advisory committee to assess binding bids for the company. This means nonbinding offers will not be considered, a setback for Malaysia’s IHH and China’s Fosun, which had both submitted nonbinding offers and sought time to conduct due diligence.
Two binding offers have been submitted - by TPG-backed Manipal Hospital and the Munjal-Burman family offices.
%20Medicare%20News.jpg "Indias Fortis forms expert panel to assess binding bids (c) Medicare News")
Image: Medicare news
The development comes as a section of minority Fortis shareholders has sought an extraordinary general meeting to remove and replace four Fortis board members with three independent directors of their choice.