May 7, 2018 / 10:23 AM / a year ago

Manipal CEO: had to take "more risky" approach in bid for India's Fortis

MUMBAI, May 7 (Reuters) - India’s privately-held Manipal Hospitals had to take a “more risky” approach to buy domestic rival Fortis Healthcare Ltd, Manipal’s Chief Executive Ranjan Pai told Reuters, because he did not want to lose out to other suitors.

Manipal on Sunday sweetened its bid for Fortis, offering to inject 21 billion rupees ($312.8 million) to help the ailing hospital operator meet its immediate cash needs, a move that Pai said was risky because Fortis is embroiled in a regulatory probe, which is clouding its prospects.

Manipal and its consortium partner TPG Capital are offering 160 rupees per share to buy Fortis, valuing the company at 83.58 billion rupees ($1.24 billion). ($1 = 67.1450 Indian rupees) (Reporting by Abhirup Roy and Devidutta Tripathy in Mumbai; Editing by Sayantani Ghosh and Himani Sarkar)

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