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Fortis extends bid deadline: Experts discuss the nuances of the deal

Updated : April 30, 2018 04:13:36 IST

Fortis has extended the deadline for suitors to submit final offers to buy the company to May 1.

Fortis Healthcare, on April 28, said its board will meet on May 10 to take a decision on the binding bids for the company as recommended by the expert advisory committee.

The company has already received binding offers from four entities - KKR-backed Radiant Life Care, Malaysian major IHH Healthcare, Manipal/TPG consortium and Munjal and Burman family offices.

JN Gupta, former ED, Sebi said, “Going forward, I would not be comfortable even with current board because it is representing either one or other investor with exclusion of 88 percent majority.”

According to Gupta, the independent committee should evaluate all bids and put it in a transparent manner before shareholders and allow them to decide on the bids they want to go ahead with.
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