Daiichi Demands Court Block Fortis Sale Until Singhs Pay $550m Arbitration Award
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.
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The Singh brothers of Ranbaxy are now engaged in a bitter feud, with the younger sibling Shivinder hauling his brother Malvinder to the National Company Law Tribunal over alleged mismanagement of group firms. It remains to be seen how things play out but Daiichi Sankyo, which is pressing for enforcement of an arbitration award against the brothers, may well claim "we told you so."
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The takeover battle for India’s Fortis Healthcare has accelerated, with Manipal Healthcare, backed by US investment management firm TPG Capital, raising its offer for the troubled hospital chain against the backdrop of a messy dispute over the bidding process. Malaysian suitor IHH Healthcare has also since extended its offer validity period.