Malaysia's IHH Healthcare submits fresh bid for cash-strapped Fortis' acquisition

New Delhi: Malaysia’s IHH Healthcare Berhad on Tuesday said it has made a fresh binding offer to the board of Fortis Healthcare. The binding offer is valid till 16 July, 2018, IHH Healthcare Berhad said in a regulatory filing. IHH on Tuesday issued a letter to the board of Fortis “setting out a binding offer, which supersedes and replaces the enhanced revised proposal,” it added. [caption id=“attachment_4462927” align=“alignleft” width=“380”] Fortis. Representational image. Reuters.[/caption] “In the event IHH does not receive any response from Fortis by no later than 5 pm IST on 16 July, 2018, the binding offer shall be deemed to have been withdrawn,” IHH Healthcare Berhad said. The company, however, did not provide any details about the size of the bid. Cash-strapped Fortis Healthcare had set 3 July as the deadline for the submission of the fresh binding bids. The company had earlier scrapped its decision to opt for the offer by the Munjal-Burman combine to invest Rs 1,800 crore in the company. Earlier, Fortis Healthcare had received binding bids from four suitors – Munjal-Burman combine, TPG-Manipal consortium, Malaysia’s IHH Healthcare Berhad and KKR-backed Radiant Life Care. China’s Fosun Healthcare had not made a binding bid for the company.