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Report: IHH, TPG-Manipal submit bids for Fortis; Munjal-Burman back out

India's Fortis Healthcare Ltd has received final bids from a consortium of Manipal Health Enterprises Private Ltd and TPG Capital Advisors LLC as well as Malaysia's IHH Healthcare Bhd., Bloomberg Quint reported, citing unnamed sources.

The hospital chain operator confirmed it has received binding bids for the company following the initiation of a new bidding process May 29.

The consortium of Hero Enterprise Investment Office and Burman Family Office, which had won the previous bidding round, decided not to proceed with their offer, the news outlet added.

Fortis had specifically invited the Munjal-Burman consortium, the TPG-Manipal consortium, and IHH Healthcare to join the bidding under the transaction process letter.

The company had also invited other interested parties to submit an expression of interest for the company.

IHH Healthcare, Asia's largest healthcare company, confirmed in a filing that it has submitted a binding offer to the board of Fortis but did not disclose the contents of the bid.

In a heated bidding war, Fortis had previously received offers from other companies such as Indian healthcare facility operator Radiant Life Care Private Ltd and Chinese conglomerate Fosun International Ltd.

The debt-laden company had called for the latest round of bidding after a complete revamp of its board, Bloomberg Quint added.