The new offer from TPG Capital and Manipal Group has valued Fortis at Rs9,403 crore and Manipal Health Enterprises Pvt Ltd at Rs6,070 crore. The new offer has valued Fortis at Rs9,403 crore and Manipal Health Enterprises Pvt. TPG-Manipal, in the new offer, said they believe it will be difficult for the Fortis board to get approval of 75% shareholders of Fortis for the offer by Munjal-Burmans. The TPG-Manipal move comes even as Sunil Munjal and Anand Burman, who won the bid on 11 May to acquire assets of Fortis, were planning an open offer to facilitate small investors’ exit. The transaction, if approved by shareholders, will not trigger an open offer because the proposed stake sale is less than the 26% threshold under takeover law.

Source: Mint May 14, 2018 16:33 UTC