Fortis Healthcare Limited was aquired by Malaysian-Singaporean healthcare group IHH Healthcare Berhad (through its wholly owned subsidiary, Northern TK Venture Pte Ltd), through a preferential issue of equity shares of Fortis for a consideration of Rs 4,000 crores at a price of Rs 170 per Equity Share amounting to 31.1% of Fortis’ share capital, as reported by Mint and others.
Cyril Amarchand Mangaldas managing partner Cyril Shroff and Mumbai-based corporate partner Ruetveij Pandya advised Fortis Healthcare Limited, according to the firm’s press release.
Khaitan & Co acted as Indian counsel to IHH Healthcare Berhad , according to its press release. The core transaction team comprised partner Haigreve Khaitan, partner Anand Mehta, partner Arindam Ghosh, associate partner Ashraya Rao and principal associate Soumyadri Chattopadhyaya. Also assisting were, on the open offer: partner Sudhir Bassi, senior associate Arpita Anand and associate Shashank Patil. In litigation: partner Sanjeev Kapoor, principal associate Saman Ahsan, principal associate Aditya Ganju and associate Aayush Jain. In competition: associate partner Sagardeep Rathi, principal associate Pranjal Prateek, associate Akash Karmarkar and associate Aman Singh Baroka. In corporate (due diligence): senior associate Niharika Mepani and associate Nupur Pandit.
Singaporean firm Allen & Gledhill acted as legal advisor for IHH Healthcare Berhad with the documents being signed on July 13, 2018.
Update 23 May 2019: L&L Partners advised Fortis Healthcare Limited led by a team of partners Sundeep Dudeja and Vaibhav Kakkar working under the overall guidance managing partner Rajiv Luthra, with associates Sahil Arora and Debarpan Ghosh.
Update 3 14 July 2018 16:43: A Trilegal spokesperson said that the firm’s partners Harsh Pais and Upasana Rao, senior associate Sanjam Arora and associate Pooja Menon also advised IHH Healthcare Berhad with Khaitan as transaction co-counsel.
Update 29 May 2019: S&R Associates advised Citigroup, the financial advisor and joint manager to the deal, led by a team of partners Sandip Bhagat and Jabarati Chandra, associates Brajendu Bhaskar and Srimukundan R.
The acquisition triggers an open offer by IHH to the public shareholders for at least 26% of Fortis for an amount of around Rs 3,300 crores and Fortis Malar Hospitals to give it full control of the company.
IHH defeated a rival bid by TPG-backed Manipal Health Enterprises for Fortis.
This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.
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"The Board of Directors at its meeting held today, deliberated on both the binding offers made by IHH Healthcare Berhad and the TPG/ Manipal consortium and received inputs from the
financial advisors viz. Standard Chartered Bank and Arpwood Capital and legal advisors-Luthra and Luthra Law Offices and Cyril Amarchand Mangaldas"
economictimes.indiatimes.com/.../64566556.cms
"From the disclosures made to the stock exchanges, it doesn't appear Luthra was engaged in evaluating the terms of the offer".
Look at the press release issued by the Company yesterday-
"The Board of Directors at its meeting held today, deliberated on both the binding offers made by IHH Healthcare Berhad and the TPG/ Manipal consortium and received inputs from the
financial advisors viz. Standard Chartered Bank and Arpwood Capital and legal advisors-Luthra and Luthra Law Offices and Cyril Amarchand Mangaldas"
Still it appears to you that Luthra wasnt involved?! Ask anyone who was part of the matter, luthra corporate team came in couple of month back in diffcult circumstances for the company and worked relentlessly to make the deal happen (after the failed attempts of the company in the past)! They were negotiating along with CAM against counter party lawyers through and through for this deal. Grapevine has it that both firms very smoothly collaborated to see the deal through for everyone this time! Comeon, lets not get our personal grudges come in the way of giving credit where it is due!!!
Ruetveij Pandya, Aditya Prasad and Rajalakshmi Natarajan from CAM.
I'm obviously not a professional in these matters, but you really should see a therapist about your depression. With the right approach, and possibly with some pharmaceuticals in bad cases, it's possible to get a handle on it.
In any case, suicide is never the answer to depression, and if anyone is feeling suicidal, please do seek some help or call a hotline to speak about what's bothering you. No problems are insurmountable...
www.suicide.org/hotlines/international/india-suicide-hotlines.html
Khaitan and Trilegal were both co-counsel. That's what the "co" part in the word means.
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