KUALA LUMPUR (May 25): IHH Healthcare Bhd has extended the acceptance period for its enhanced revised offer to acquire a stake in India’s Fortis Healthcare Ltd by another month.

In a filing with the stock exchange, the group said it issued the extension letter today to enable the reconstituted board of Fortis until June 30 for the full consideration and evaluation of the proposal.

“The terms of the revised IHH proposal and enhanced revised IHH proposal remain unchanged and fully valid and in force,” it said in the letter.

On May 23, shareholders in cash-strapped Fortis voted out a fourth director — after three had quit prior to the meeting — amid displeasure over the board’s handling of offers of investment.

At the meeting, attendees voted to remove director Brian Tempest, as sought by East Bridge Capital and Jupiter India. The two investors, who together control 12% of the hospital chain, have said the four board members failed to exercise their fiduciary duties — a charge the four reject.

Fortis has so far received five offers from local and international suitors wanting to invest in the firm or buy it, sparking a fierce rally between investors, but also divisive investment decisions within the Fortis board.

IHH’s enhanced revised proposal letter issued on May 1, reiterated its seriousness and commitment to an investment in Fortis by offering to make an immediate equity infusion of 175 rupees per share and a subsequent equity infusion at a per share price not exceeding 175 rupees.

Earlier, it had extended the validity of the Fortis offer by two weeks, from May 15 to May 29.