Manipal-TPG has expressed disappointment with the Fortis board's decision to recommend a proposal by Hero Enterprise Investment Office-Burman Family Office for a deal.
“After many months of engagement with Fortis, including due diligence, we are disappointed that the board has come to this conclusion," stated Ranjan Pai of Manipal Health Enterprises.
"Manipal remains of the view that our offer proposed the most appropriate short and long-term plan for Fortis and was in the interests of all stakeholders, including shareholders. Our offer comprised a significant and necessary immediate investment, a clear strategic plan to fundamentally transform Fortis, as well as synergies from a combination with Manipal," he said.
"It is now for shareholders to decide whether they will accept the board’s recommendation," he added. Following the board's decision, Malaysian healthcare group IHH Healthcare Bhd has also said it is evaluating evaluating its options, including approaching shareholders of the company directly.
"We remain committed and are currently evaluating our options. We are open to further discussions with all stakeholders, and look forward to the support of Fortis shareholders," said Dr Tan See Leng, managing director and CEO of IHH Healthcare.
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