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Munjal-Burman express confidence over Fortis bid

Munjal-Burman express confidence over Fortis bid

Munjal-Burman express confidence over Fortis bid
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By CNBC-TV18 May 17, 2018 8:07:23 PM IST (Updated)

As the race for the Fortis Healthcare heats up, Sunil Kant Munjal of Hero Enterprise,  Anand Burman and Mohit Burman of the Burman family, are confident that their bid is the best combination of price and ease of implementation.

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“Our offer is the fastest on time. We anticipate it will take 45-60 days while the other offers will take longer to implement” Munjal said. “Moreover, our bid is unconditional and does not include any walk-away clauses unlike the others,” he said.
The Manipal Health Enterprises-TPG Capital consortium on Sunday revised their offer to acquire a stake in Fortis Healthcare, proposing to infuse Rs 2,100 crore into the company at a share price of Rs 160 per share.
The Munjal-Burman consortium had earlier upped their proposal to invest  Rs 1,800 crores directly into Fortis without any due diligence, documentation and walk away clauses.
Fortis Board has appointed an "expert advisory committee" (EAC) to review all the binding proposals for fund infusion.
The Board will meet on May 10 to consider the recommendations made by the EAC.
The Munjal-Burman proposal, if accepted, will immediately infuse an upfront amount of Rs 1,050 crore, valuing the company at over Rs 9,000 crore.
“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,” said Dr Burman.
The Fortis Board has also received offers from suitors such as Fosun Health Holdings, IHH Healthcare Berhad, and Radiant Life Care for infusion of funds.
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