Fortis Healthcare Extends Deadline To Submit Bids

Fortis Healthcare on Thursday extended the date to submit binding bids for the cash-strapped hospital chain to July 3, the second time since it said it would start a fresh round of bidding. Fortis Healthcare Ltd's board on Tuesday approved demerger of the company's hospitals business into Manipal Hospital Enterprises Pvt Ltd, creating the largest provider of healthcare services in India by revenue. 

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The company said earlier this month it would look at a new round of bids from four local and international parties, after shareholders opposed an earlier decision to accept the Hero Enterprise Investment Office and the Burman Family Office consortium's offer worth Rs 1,800 crore ($262.52 million).

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Fortis is also weighing offers from a consortium of Manipal Health Enterprises and private equity firm TPG, Malaysia's IHH Healthcare Bhd and Radiant Life Care Private Ltd.

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