Fortis Global Healthcare Holdings Pvt Ltd has entered into a takeover bid implementation deed with Dental Corporation Holdings Limited, Australia under which Fortis Global will make a proportional offer to acquire up to 30 per cent of each Dental Corporation's existing shareholding.

The Proportional Offer is subject to a number of customary conditions, including Dental Corporation shareholder approval and approval under the Australian Foreign Acquisitions and Takeovers Act 1975 (Cth) (FIRB Approval).

Fortis Global has also agreed, subject to receiving FIRB Approval and Dental Corporation shareholder approval, with Caledonia to acquire their convertible notes and shares (representing approximately 16 per cent of the Dental Corporation shares on a fully diluted basis).

Depending on the level of acceptances under the Proportional Offer, Fortis Global's shareholding in Dental Corporation will increase to more than 50.1 per cent (minimum acceptance threshold condition) and up to 58.6 per cent.

In December 2010, Fortis Global agreed to acquire approximately 33 per cent of Dental Corporation.

Dental Corporation directors unanimously support the Proportional Offer and recommend that Dental Corporation shareholders accept the Proportional Offer, in the absence of a superior proposal and an independent expert concluding that the Proportional Offer is fair and reasonable. The Proportional Offer values DCH at approximately $400m.

“The Dental Corp model adds a new vertical to the clinical competencies within Fortis Global. We will continue to support the Dental Corporation management team to deliver the company’s growth forecasts in Australia, New Zealand and potentially take this unique model to new geographies in Asia” Singh further added.

Mark Evans, executive chairman, Dental Corporation said: “We welcome the Proportional Offer from Fortis Global and are happy to become a part of the rapidly expanding footprint of Fortis.”

Fortis Global is committed to providing premier patient-centric healthcare across Asia and Australia and is ultimately owned by the Singh family (the Promoter Family) and also owns a majority stake in Fortis Healthcare Limited. Fortis Global has a presence in India, Hong Kong, Australia, New Zealand, Dubai and Mauritius.

Dental Corporation represents Fortis Global's third investment in five months and marks an important step in achieving the Promoter Family’s vision of creating a premier integrated healthcare delivery system in Asia and Australia region.

Dental Corporation acquires premium general and specialist dental practices and proud to be recognised as BRW’s Fastest Growing Private Business of the Year (turnover >$100million) for 2009 and finalist in 2010.