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Manipal-led bid for Fortis reportedly faces objections

Updated : May 17, 2018 08:07 PM IST

Two major investors in Fortis Healthcare, who have concerns over the bidding process for the cash-strapped Indian hospital operator, plan to vote against a Manipal Hospitals-led consortium if that group is selected as the winning bidder.
The investors' plan to block a Manipal-led bid comes after Fortis' board extended the deadline for the Manipal Hospitals-TPG combination to submit a revised bid for Fortis until May 6. The other four suitors were bound by a May 1 deadline.
A source close to Manipal said it believed the consortium was the partner of choice for Fortis, and that shareholders would ultimately approve the bid.
Manipal-led bid for Fortis reportedly faces objections
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