India Fortis accepts $584 mln stake deal from Malaysia's IHH Healthcare

MUMBAI (July 13): India's Fortis Healthcare Ltd said on Friday it accepted an investment offer from Malaysia's IHH Healthcare Bhd, capping a months-long bidding war for control of the firm that drew interest from domestic and international suitors.

Cash-strapped Fortis said IHH will invest 40 billion rupees ($584.11 million) at 170 rupees per share in the company that operates about 30 private hospitals in India, where the race to cash in on a private healthcare boom is heating up. The offer is at a 19.5 percent premium to Fortis' closing price on Thursday.