Health Care

Fortis chose Munjal-Burman for funds certainty

Fortis chose Munjal-Burman for funds certainty

"Munjals/Burmans have built successful businesses in non-healthcare fields and are passionate about the Indian healthcare industry", he said, expecting the offer to receive shareholder approval.

The majority of the healthcare chain's board opted for the Munjals-Burmans offer keeping in mind the certainty and liquidity issues, company director Brian W Tempest said. "It would be the be quickest to implement and has the certainty of implementation", he said.

The board's decision, however, did not go down well with investors with the company's shares tanking almost 3 per cent on the bourses.

Shares of Fortis Healthcare fell almost 3 per cent today after the company announced that its board has picked the offer from Munjals-Burmans combine over four other suitors who made binding offers.

Earlier in the day, addressing media, Tempest justified the board's decision to go with the offer from Munjals-Burmans combine which had put their hat in the ring after Fortis board had approved an offer from Manipal-TPG combine on March 28.

After the investment, Hero-Burman will together own just under 20 per cent of Fortis, including the 3 per cent they already own, Mr Munjal said.

"We are sure that the shareholders will see the intrinsic value in our proposal and repose confidence in us".

Trump to propose new prescription medication plan to lower prices
The administration will publish a blueprint of its plan Friday to coincide with Trump's speech, the officials said. For the drug industry and investors, numerous proposals may not come as a surprise.

Asserting that IHH's offer was "holistic and compelling", he said it "comprehensively addresses the short-term financing needs and long-term objectives".

However, other contenders expressed their disappointment over the same.

The Fortis Healthcare (FHL) board's decision on Thursday to pick Hero-Burman as the winning suitor for one of India's leading hospital chains is set to face opposition from minority shareholders of the company. Manipal also proposed merging with Fortis in a deal that would value the latter at Rs8,358 crore.

The Burman Family Office and Hero Enterprise Investment Office had tabled a binding offer to invest Rs800 crore through a preferential share issue at Rs167 each and Rs1,000 crore via preferential issue of warrants at Rs176 per warrant.

Fortis has been looking for buyers for more than a year but legal cases against its founders Malvinder Singh and Shivinder Singh delayed matters. Except Fosun Health, four had made binding offer.

Fortis had been a target of five firms and investment group as they bet on a rapid growth for the private healthcare market in Asia's third-largest economy - Malaysia's IHH Healthcare; businessmen Sunil Munjal and Anand Burman; Radiant Life Care, China's Fosun International and privately-held Manipal Hospitals. Since then, more players entered into the fray with counter offers and as a result the consortium of Manipal Health Enterprise-TPG Capital too revised their proposals thrice with the equity valuations being Rs 5,003 crore, Rs 6,061 crore, Rs 6,332 crore and Rs 8,358 crore.


  • Giuliani says Trump 'wasn't aware' of Cohen pitch promising access

    Giuliani says Trump 'wasn't aware' of Cohen pitch promising access

    What unique "insights" did AT&T expect to get from Cohen? A source told Reuters the company had a year-long contract with Cohen. Asked whether Trump had taken any action to benefit Novartis, AT&T or KAI, Sanders said: "Not that I'm aware of".
    Robocall Operation Hit With $120 Million Fine

    Robocall Operation Hit With $120 Million Fine

    In its decision, the FCC said his arguments were unpersuasive, so it has chose to go forward with the original fine it proposed. Abramovich, a Miami-based travel marketer it said was being tens of millions of nuisance calls made over a three-month period.
    DHS Sec. Was 'Close' To Resigning Over Trump Tantrum, Hasn't Done So

    DHS Sec. Was 'Close' To Resigning Over Trump Tantrum, Hasn't Done So

    Homeland Security spokesman Tyler Houlton added on Twitter that claims Nielson drafted her resignation letter were" "false'. Nielsen issued a statement Thursday night, but it does not directly address the report or that she came close to resigning.
  • Karnataka polls: BJP 'import' versus Congress 'import'

    Karnataka polls: BJP 'import' versus Congress 'import'

    We started Mahatma Gandhi NREGA scheme which was objected by the BJP and by Modi ji. The notices clearly contained the phrases from the speech of Narendra Modi.
    Brazil's Dani Alves injured for PSG ahead of World Cup

    Brazil's Dani Alves injured for PSG ahead of World Cup

    Alves, who joined PSG from Juventus last summer, was Brazil's first-choice right back at the 2014 World Cup in his home country. The national team's doctor said he will need six months to recover and will need surgery, according to Globo .
    Rita Ora determined to be an open book with bisexual anthem Girls

    Rita Ora determined to be an open book with bisexual anthem Girls

    Rita said she played the song to her pal Charli XCX who branded the song a "f***ing smash" and also wanted in on the track. In March, Demi Lovato explained her sexual orientation , saying: "I'm very fluid, and I think love is love.
  • Jennifer Lopez and Melissa McCarthy Reunite on 'Today' After Wild Dance Party

    Jennifer Lopez and Melissa McCarthy Reunite on 'Today' After Wild Dance Party

    The mindset that looking amusing is enough to prompt a chuckle is rampant in " Life of the Party ", and it's kind of exhausting. The look Maddie gives her mother upon being told they'll soon be at college together is flawless .
    Aaron Banks brands Leave.EU fine 'absurd and politically motivated'

    Aaron Banks brands Leave.EU fine 'absurd and politically motivated'

    A pro-Brexit lobby group in the United Kingdom has been fined £70,000 for breaching electoral laws relating to funding and spend. It was also criticised for failing to report services from USA strategy firm Goddard Gunster when it should have done.
    Australia cancel hosting Bangladesh later this year

    Australia cancel hosting Bangladesh later this year

    If we can conduct them, we would expect the other cricket boards, especially bigger ones like Cricket Australia , to do the same. Bangladesh were supposed to play two Tests and three one-day internationals in Australia in August and September.
  • Unemployment Up In Windsor

    Unemployment Up In Windsor

    While there were 1,800 fewer jobs, more significant was the increase in the size of the labour force, by 7,600. Calgary's unemployment rate dropped slightly in April to 8 per cent, down 0.2 points from the previous month.
    Twitter updates privacy policy ahead of new data law rollout

    Twitter updates privacy policy ahead of new data law rollout

    Google now has a GitHub project which aims to make it easy for seamless transfer of your data from Google to another provider. Additionally, it is going to be easier than ever to transfer your data from one service to another.
    Alvaro Morata could be set for premature Chelsea departure in £55M deal

    Alvaro Morata could be set for premature Chelsea departure in £55M deal

    The 25-year-old has attributed his hard form to regular painkilling injections, and hit back at his critics in the process. Your [the press] focus is only Morata, but I would like it if your focus was for the whole team.