Fortis Healthcare said earlier it would set up an advisory committee to evaluate binding offers from suitors lining up to buy the company or take a stake: Reuters The takeover battle for India's Fortis Healthcare Ltd intensified after KKR-backed Radiant Life Care Private Ltd entered the fray on Thursday with an offer to buy more than a quarter of the cash-strapped company's hospital business.
In its non-binding offer, Radiant has proposed to make an investment and/or re-structure Fortis Healthcare, Fortis said in a statement.
Radiant is interested in participating as a strategic investor in Fortis, it said in a letter to the hospital operator.
Radiant, the fifth suitor, proposed a demerger of the hospital from Fortis Healthcare (FHL) into a new company, excluding FHL's stake in Indian diagnostics chain SRL Ltd.
The all-cash offer to shareholders of the proposed new company will be at a net value of Rs 126 per share, Radiant said.
The offer values Fortis at Rs 165 per share, or 85.58 billion rupees ($1.30 billion), including the SRL stake.
The offer is contingent on, among others, Radiant being able to buy 26 per cent or more shares of the proposed new company, it added.
Fortis Healthcare said earlier it would set up an advisory committee to evaluate binding offers from suitors lining up to buy the company or take a stake.
KKR & Co owns a 49 per cent stake in Radiant with its $200 million investment in 2017, Radiant said.
Indian hospital operator Fortis Healthcare had announced setting up an advisory committee to evaluate binding offers from suitors lining up to buy the cash-strapped company or take a stake.
Fortis has become the target of a takeover battle that includes offers from China's Fosun International and Malaysia's IHH Healthcare. Both offers, however, are non-binding as yet.
The other two offers, from local rival Manipal Health Enterprises and a consortium of two prominent Indian business families, Hero Enterprise and the Burman Family Office, are both binding.
