April 19, 2018 / 12:02 PM / a year ago

India's Fortis Healthcare to form panel to evaluate takeover bids

April 19 (Reuters) - India’s Fortis Healthcare Ltd , which runs around 30 multi-speciality hospitals in India, said on Thursday its board will set up an advisory committee to evaluate all takeover proposals.

Fortis has become the target of a takeover battle with Malaysia’s IHH Healthcare Bhd, local rival Manipal Health Enterprises Pvt Ltd, a consortium of Hero Enterprise Investment Office and Burman Family Office, and China’s Fosun International Ltd bidding for the cash-strapped company.

The committee, which will be chaired by PricewaterhouseCoopers India's former chairman and CEO Deepak Kapoor, will oversee the evaluation process and give its recommendation to the board in a meeting on April 26, Fortis said in a statement here

Reporting Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath

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