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Shares of Fortis Healthcare surged as Malaysia’s healthcare major IHH Healthcare Berhad is readying a counter bid for Fortis Healthcare's hospitals business.
Shares of Fortis Healthcare Ltd soared as much as 4.1 per cent to Rs 153.90, their highest since March 27.
According to a Bloomberg report, IHH plans to write to the Fortis board about its plans to make a counter offer.
The report added that the company is contemplating a cash offer for Fortis and is even considering taking its offer directly to shareholders if its approach is rejected by the board. In 2017, there was talk that IHH was interested in Fortis but the company had denied the reports.
The report added that the offer would top the bid from a TPG-backed consortium. Manipal Hospitals Enterprises, backed by US buyout firm TPG, had raised its offer late on Tuesday to buy Fortis' hospital business by about a fifth.
As of Wednesday's close, the stock gained about 20 per cent in the past two weeks since Fortis had announced the demerger of its hospitals on March 27.
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