Kuala lumpur: IHH Healthcare Bhd announced that it has incurred losses because of delays in obtaining the necessary mandatory tender offer (MTO) approvals for its acquisition of Fortis Healthcare. This delay was primarily due to a legal dispute involving Japanese pharmaceutical company Daiichi Sankyo Co Ltd and its 'judgment debtors.' According to BERNAMA News Agency, IHH stated that it is an unrelated party to the ongoing dispute and emphasized that its 2018 acquisition of Fortis was carried out through a transparent, publicized, and fully regulated process. The company highlighted that the transaction had received all requisite corporate, shareholder, and regulatory approvals, including from the Competition Commission of India (CCI) and under the Securities and Exchange Board of India (SEBI) takeover regulations. IHH detailed that its investment was executed through a preferential allotment of newly issued shares valued at INR4,000 crore, alongside a mandatory tender offer to public shareholders, without acquiring secondary shares from the former promoters or making payments to them. The company underscored that its investment in Fortis came at a crucial time when the healthcare provider required recapitalization and strategic redirection. The company expressed pride in its contributions to advancing healthcare in India through sustained investment and emphasized its commitment to patient care and governance excellence. IHH also noted that the long-pending mandatory tender offer process received the necessary approvals last year, marking a significant milestone in the successful completion of the Fortis acquisition. The group reiterated that India remains a key strategic market, and it is committed to increasing its investment in the country. Recent reports indicated that the Tokyo District Court dismissed all claims filed by IHH's indirect wholly owned subsidiary, Northern TK Venture Pte Ltd (NTK), against Daiichi Sankyo. The court ordered NTK to bear the litigation costs. NTK had been seeking compensation of up to 109.3 billion Indian rupees (RM5.7 billion) from Daiichi Sankyo over its investment in Fortis Healthcare Ltd. NTK filed its claim in October 2023, alleging that Daiichi Sankyo had caused it financial losses by preventing it from proceeding with open offers to acquire additional shares in the Indian hospital chain in 2018.