Fortis in Focus: Manipal-TPG combine has said it has extended the validity of its modified offer for Fortis Healthcare to June 6, 2018.
On May 17, Malaysian firm IHH Healthcare Berhard had extended the acceptance period of its enhanced revised proposal for Fortis to May 29.
In a letter to the directors of Fortis Healthcare Ltd (FHL), Manipal-TPG combine said it understands that the FHL board is still in the process of considering the modified new offer.
“As you are aware, our modified new offer is valid till May 29, 2018 and in order to provide the FHL board with sufficient time to consider our modified new offer, we propose to extend the validity of our modified new offer…,” the letter added.
The modified new offer shall remain valid and binding in its entirety until June 6, 2018, for acceptance by FHL Board and for recommendation to the shareholders of FHL, Manipal-TPG combine said, reports PTI.