India's Fortis rejects TPG-backed buyout bid
Indian healthcare service provider Fortis Healthcare (FHL) has chosen IHH Healthcare as the buyer for its hospital operation, ending a protracted bidding process and rejecting a INR32 billion ($472 million) offer from TPG Capital and its portfolio company Manipal Hospital Enterprises.
The deal will see IHH invest INR40 billion in the hospital business through a preferential allotment of shares at INR170 each, along with a tender offer for up to 26% of FHL at the same price, aggregating...
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