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    Race for Fortis: Radiant Life Care enters the fray

    Race for Fortis: Radiant Life Care enters the fray

    Race for Fortis: Radiant Life Care enters the fray
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    By Nisha Poddar   IST (Updated)

    The race to acquire debt ridden Fortis Healthcare has further intensified with Mumbai-based Radiant Life Care, backed by buyout firm KKR, entering the fray as the fifth bidder.
    The Radiant made a non-binding offer for the hospitals business of Fortis for 10,000 crore. It’s an all cash deal with a window of discussion available for an upfront amount.
    Radiant plans to buy the hospital business of Fortis which includes RHT, the Singapore listed Trust.
    Currently, Radiant's offer is the highest bid at Rs 165 per share of Fortis and could be compelling if they can offer a binding bid, which needs due diligence. Radiant seeks a quick due diligence process in the stipulated time.
    Radiant Hospitals, which raised $200 million from private equity firm KKR last year has been looking for hospital assets with minimum 500 beds to acquire and expand its operations. Currently it is in possession with two hospitals in Delhi and Mumbai, reported  Economic Times.
    The Fortis board on Thursday appointed an advisory committee  headed by Former PWC chairman Deepak Kapoor to evaluate the offers made to buy out the company.
    The board will take a final decision on April 26, based on recommendation from the advisory committee.
    Fortis’ hospital business now has five suitors in the fray. The first was a revised offer from Manipal Hospital Enterprises and the second was a joint binding offer from Sunil Kant Munjal’s Hero Enterprise Investment Office and the Burman family of Dabur. IHH Healthcare of Malaysia also threw its hat in the ring with a non-binding expression of interest. The last one was from China’s Fosun International.
    Earlier, the board had came under fire after East Bridge Capital Master Fund led investors sought to dismantle the Fortis Healthcare board.
    Defending East Bridge's call for emergency meeting, Brian Tempest, director, Fortis Healthcare said East Bridge Capital is a very valuable shareholder and with over 10% stake it has the right to call for an emergency meeting.
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