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Yes Bank Urges Fortis to Review All Bids
May 28, 2018
Law firm Shardul Amarchand Mangaldas, on behalf of their client Yes Bank has written two letters urging Fortis to reconsider the reworked bids and to invite other interested companies. This move comes ahead of the acceptance of the Munjal Burman Offer by Fortis. Yes bank is currently the single-largest shareholder of Fortis Healthcare with a 15.14% stake in the company.
It has advised the Fortis board to review and analyze every reworked bid and not consider Munjal-Burman offer as the final one in order to maximize shareholder value. The letters come in the wake of two more revised offers submitted to Fortis after Fortis shortlisted the joint proposal from Sunil Kant Munjal of Hero Enterprises and Burman family of the Dabur Group.
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