Hero And Burman Claim Best Offer For Fortis With Rs9,000 Crore


New Delhi: A day after Manipal-TPG combined revised their offer upwards valuing Fortis at Rs 8,358 crore, Munjals and Burmans said if their offer were to be accepted, they would immediately infuse an upfront amount of Rs 1,050 crore which would value the healthcare chain more than what their rival has offered.Hero Enterprises and Burman family claimed their proposition for Fortis was the best offer for the healthcare major as it would value the company to up to Rs 9,000 crore.

"Our offer is the fastest on time. We anticipate it will take 45-60 days while the other offers will take longer to implement," Hero Enterprises's Sunil Kant Munjal said in a statement.

He further said, "Moreover, our bid is unconditional and does not include any walk-away clauses unlike the others."

AnandBurman said being long term and thoughtful investors, "we are well positioned to help sharpen the focus on patient care while building value for all Fortis shareholders and all stakeholders."

Yesterday, on the last date to revise their offer, Manipal-TPG combined proposed to value Fortis at Rs 8,358 crores, translating into a per share value of Rs 160. They had also offered to subscribe to equity shares of Fortis by way of preferential allotment for Rs 2,100 crore at a price per equity share of Rs 160.

"The implementation of the new offer does not require any further due diligence to be conducted by us...," they had stated, adding they were ready to work with Fortis and its management to ensure swift execution of steps required to be taken to implement their revised proposition.

Add comment

Security code