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| Exchange Received Time 25/04/2018 18:37:55 Exchange Disseminated Time 25/04/2018 18:37:58 Time Taken 00:00:03 | This is with reference to the letter dated April 24, 2018 from Manipal and TPG proposing a further revised offer for Fortis ('Manipal Revised Offer').
As may be noted, the Manipal Revised Offer (which has been submitted to the stock exchanges) states that Manipal and TPG have given Fortis a one-time waiver from the exclusivity provisions under the Implementation Agreement signed with Manipal and TPG on March 27, 2018 by permitting Fortis with a limited ability to undertake a process by permitting due diligence. The aforementioned statement omits certain key facts, such as conditions of the waiver wherein Manipal and TPG sought to impose additional onerous conditions on the Company over and above those contained in the Implementation Agreement that would limit the ability of Fortis to run a competitive bid process if such conditions were to be accepted.
Please find enclosed the letter as received from Manipal Health Enterprises Private Limited in this regard.
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