IHH rises 8 sen as it continues Fortis quest

PETALING JAYA: IHH Healthcare Bhd rose 1.33% or 8 sen to RM6.08 this morning on news of a fresh bid for India's second largest hospital group, Fortis Healthcare Ltd.
At 11.13am, the stock was trading at RM6.04 with some 246,700 shares done.
IHH launched the new offer after a fresh bidding process was initiated last Friday.
"IHH has on July 3 issued a letter to the board of Fortis setting out a binding offer, which supersedes and replaces the enhanced revised proposal," according to IHH's filing with the stock exchange.
This is IHH's only binding offer.
IHH is one of the invited bidders for the new round of bidding for Fortis and the results will be made known by 5pm on July 16.
The binding offer will be deemed to have been withdrawn if IHH does not receive any response from Fortis after the stated period.
Besides IHH, the consortium of Hero Enterprise Investment Office and Burman Family Office, Fosun International Ltd and Manipal Hospitals Enterprises are the bidders for Fortis.
IHH had planned to invest up to 40 billion rupees (RM2.36 billion) through a preferential allotment of equity shares at a price not exceeding 160 rupees per share in Fortis after its bid was turned down in April.