Ranbaxy Case Churns As Singhs Face Fortis Sale Issues
Shares in India’s Fortis Hospital chain slide after Malaysia’s IHH Healthcare denies it is close to a purchase from cash-strapped tycoons Malvinder and Shivinder Singh, who continue to fight an arbitration order to pay hundreds of millions of dollars in compensation to Daiichi Sankyo over Ranbaxy.
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Leading Malaysian healthcare operator IHH and two Indian tycoons have sweetened their offers for cash-strapped Fortis Healthcare as the race for India’s second-largest hospital chain heats up.
Shares of Indian hospital chain Fortis Healthcare have risen some 16% in the past month, fuelled by investor hopes of a takeover battle for the financially troubled company. US hedge fund Elliott Management is now said to have entered the fray and be buying up stock.
Tycoons Malvinder and Shivinder Singh have exhausted Indian legal avenues in their fight against enforcement of a Singapore arbitration panel order to pay $550m to Japanese firm Daiichi Sankyo and now must decide whether to take their battle to a Singapore court.