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IHH extends validity of offer for Fortis by two weeks

Syahirah Jaafar Published on Fri, May 18, 2018 / 5:08 PM GMT+8

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(May 18): IHH Healthcare has extended by two weeks the validity of its enhanced revised offer to acquire a stake in India’s leading hospital chain Fortis Healthcare.

This was despite reports that Fortis board had accepted the joint offer from Hero Enterprise Investment Office and Burman Family Office that had proposed to invest 18 billion rupees ($355 million) in the ailing hospital chain.

In a filing with Bursa Malaysia yesterday, IHH said it had issued an extension letter to the board of directors of Fortis, extending the acceptance period of the enhanced revised proposal until 11.59pm on May 29. It had earlier given Fortis until May 15 to respond.