Bigger India
Malaysia’s IHH Healthcare Halts Open Offer For India’s Fortis After Court Ruling
India’s top court on Friday ordered status quo be maintained with regard to sale of the controlling stake in Fortis, after Japan’s Daiichi Sankyo Co Ltd filed a contempt plea against Fortis founders Malvinder Singh and Shivinder Singh, according to a CNBC TV18 report.
Malaysia’s IHH Healthcare Bhd said here on Monday its open offer to buy an additional 26 percent stake in India’s Fortis Healthcare Ltd will not proceed as per the timeline following a court ruling.
Cash-strapped Fortis accepted IHH’S investment offer in July after an extended bidding war for control of the company which operates about 30 private hospitals in India.