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.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more