Merger Buzz Boosts Shares Of India's Troubled Fortis
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.
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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.
Daiichi Sankyo has demanded that an Indian court block a mega-deal to sell Indian hospital chain Fortis to a local healthcare provider until the hospital chain’s founders, Malvinder Singh and Shivinder Singh, pay a $550m international arbitration award to the Japanese drugmaker.
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.