Fortis Healthcare On Backing Munjals And Burmans In Takeover Battle
- Healthy process was carried out to determine right suitor for Fortis
- We believe we have had a healthy process to determine who would be the right fit
- We looked at different binding views from the perspective of certainty
- Looked at all bids from point of view of liquidity and continuity
- Hero – Dabur Group got the maximum votes from the Board
- Liquidity, certainty and risk were taken into consideration for selecting winner
- Manipal deal was not the favourite among the Board
- Requested resignation of Singh brothers form SRL board
- Certainty required that funds flow straight into company
- Shareholder meeting will be in 30 days
- Two shareholders, who have over 10 percent equity, have requested EGM on May 22
- Five out of eight members are relatively new to join board
- Three oldest members of the board voted for Hero Manipal Group
- Board meeting went on for 15 hours.
- We expect the forensic audit report before the end of May
