IHH is also expected to seek a meeting with the Fortis board to take matters forward. The Fortis stock has appreciated 15% in just one week over speculation of an impending IHH counter offer.Interestingly, IHH has decided to make a move before the stock market regulator, the Serious Fraud Investigation Office (SFIO) and law firm Luthra & Luthra have completed investigations into the accounts of Fortis.Fortis didn’t respond to queries.“We decline to comment. We will make appropriate announcement(s) should there be any material developments,” said an IHH spokesperson.IHH has decided to proceed after coming to know of the renewed offer by Manipal, said one of the persons cited above.“The IHH mail to Fortis was to go out on Tuesday itself but was held back due to the new Manipal offer. The new offer sent to Fortis board – with a more favourable open offer, tweaked structure and a proposed rights issue -- is valid for seven days.Manipal has put its “best foot forward” with the revised bid, said promoter Ranjan Pai. However, the stock market wasn’t enthused, with the Fortis scrip ending the day flat.“The new proposal offers a higher value for Fortis’ hospital business and also makes a provision for the existing Fortis shareholders to participate in a rights issue of the combined entity,” said Saion Mukherjee of Nomura.

Source: Economic Times April 11, 2018 15:33 UTC