Legal Tug of War: IHH's Battle Over Fortis Open Offer

Northern TK Venture Pte Ltd, an IHH Healthcare indirect subsidiary, is engaged in a legal dispute with Daiichi Sankyo over obstructive actions concerning Fortis Healthcare's open offer. An ongoing damages claim against Daiichi amounts to JPY 200 billion, linked to strategic interference and misinformation impeding NTK's acquisition efforts.

Northern TK Venture Pte Ltd, part of IHH Healthcare's Singapore-based network, confronts Daiichi Sankyo over claims of obstructing Fortis Healthcare's open offer. The legal battle centers around accusations of strategic interference and misleading statements by Daiichi, which allegedly prevent NTK's acquisition completion.

NTK has elevated its damages claim tenfold, seeking JPY 200 billion. The lawsuit is filed in Tokyo District Court following Daiichi's assertions about the halted Fortis offer under the Supreme Court of India's arbitration enforcement. NTK insists on Daiichi's unlawful trade interference and defamation.

Despite IHH's success as a bidder for Fortis, the acquisition stalled due to alleged Daiichi interference. NTK contends that actions by Daiichi, including unnotified interim orders from India's Supreme Court, thwarted the open offer. IHH emphasizes its dissociation from Ranbaxy's former promoters, involved in separate Daiichi legal actions.

(With inputs from agencies.)