According to the new criteria, the bidders will be given 10 days for financial and legal due diligence, following which they will have to submit bids by 14 June, Fortis Healthcare said . “We have confirmed our participation in the rebid process for Fortis Healthcare. We look forward to having the opportunity to reiterate to the Fortis board and management the strength and significant synergies available to Fortis through a combination with Manipal,” Manipal Health Enterprises Pvt. On 22 May, Fortis Healthcare shareholders approved a resolution to remove Brian Tempest from the board and appoint three new directors, indicating they were not happy with the sale process. An extraordinary general meeting of the Fortis shareholders was held to vote on the removal of its four directors.

Source: Mint June 01, 2018 10:08 UTC