Fortis Healthcare bidding war: The story so far

Fortis Healthcare Ltd (FHL), which runs about 30 hospitals in India, has become a target of a heated takeover battle, with five entities bidding for the embattled company.

Fortis has set up an advisory committee to evaluate binding offers from suitors vying to acquire the company, or take a stake in it.

Following are the details of the bids:

March 27 - Manipal Hospitals Enterprises Private Ltd offers to buy Fortis' hospital business.

- Fortis shareholders to get 10.83 shares in Manipal Hospitals for every 100 Fortis shares held.

- Binding offer to buy 20% of SRL's share capital from company for roughly Rs 7 billion ($105.93 million) and 30.93% from the PE investors for about Rs 11.13 billion rupees.

-Total infusion of about Rs 39 billion by Manipal promoter and TPG Asia VII SF.

April 10 - Manipal sweetens bid for Fortis hospitals.

-Revises offer to Rs 155 per share.

-SRL Ltd, in which Fortis holds a stake, to continue to be FHL subsidiary.

-Boards of SRL and FHL to consider the merger of both companies.

-Manipal to undertake rights issue for up to Rs 40 billion.

-Afterward upward revision, equity value stands at Rs 60.61 billion.

April 12 - Unsolicited binding offer From Hero Enterprise Investment Office and the Burman Family Office.

- Unsolicited non-binding offer to invest Rs 12.50 billion via preferential allotment route.

April 13 - Malaysia's IHH Healthcare Berhad tops Manipal's bid.

- Unsolicited non-binding expression of interest for 160 rupees per share.

April 17 - China's Fosun International's unit Fosun Health Holdings submits offer.

- Unsolicited non-binding expression of interest shall not enable Fosun to hold more than 25% of Fortis securities.

- Primary infusion at up to Rs 156 per share, subject to due diligence to be completed within three weeks, up to total investment of $350 million.

April 18 - IHH Healthcare revises its offer.

-Offer is contingent on due diligence, IHH is ready to infuse Rs 40 billion at price up to Rs 160 per shares.

April 19 - Munjals, Burmans revise their offer.

- Revise their offer to invest Rs 15 billion ($227.20 million) directly into the company.

-Upfront investment of Rs 7.50 billion with Rs 5 billion via preferential issue of shares; Rs 10 billion via preferential issue of warrants.

- Group said they seek two board seats and recommend that more independent directors be added.

Radiant Life Care Private Ltd offers to invest in Fortis.

- Gets unsolicited non-binding expression of interest from Radiant Life Care with a proposal for investing and/or re-structuring Fortis.

- Proposal includes offer for demerger of hospital business from FHL into a new company.

- The all-cash offer is Rs 126 per share; it values the whole of Fortis at Rs 165 per share, or Rs 85.58 billion, including the SRL stake.

- Offer subject to Radiant being able to buy 26% or more shares of the new company via open offer.

April 24 - IHH Healthcare tweaks earlier proposals.

- Offers to immediately infuse Rs 6.50 billion under a binding proposal and subsequently invest up to Rs 33.50 billion under a non-binding proposal.

Radiant Life Care revises offer for Fortis.

- Makes binding offer for Fortis Mulund Hospital at an enterprise value of Rs 12 billion.

- Retains proposal to demerge Fortis' hospital business into a new company- Proposes to spin off Fortis' SRL business - The offer values FHL at Rs 170 or 175 per share, depending upon SRL's valuation after proposed demerger- The all-cash offer of Rs 126 rupees per share for the hospital business stays, which excludes SRL stake.

Manipal raises Fortis offer.

- Raises offer to Rs 63.22 billion from Rs 60.61 billion - To provide financial assistance of up to Rs 7.50 billion - In addition to buying the SRL stake from PE investors, Manipal to acquire a 5% stake in SRL from Fortis.