Tokyo Court rejects IHH unit's claims against Daiichi Sankyo

NTK weighs legal options after ruling on case linked to Fortis tender offer delays.

Northern TK Venture Pte Ltd (NTK), an indirect wholly owned subsidiary of IHH Healthcare, had all its claims against Daiichi Sankyo Co. Ltd. dismissed by the Tokyo District Court on 10 September.

In addition, the court ordered the company to bear the litigation costs, according to a bourse filing.

NTK said it disagrees with the decision and is reviewing the judgment with its legal counsel.

It is also evaluating available legal remedies and intends to continue pursuing the relief sought in the case.

The dispute relates to IHH’s 2018 acquisition of Fortis Healthcare in India.

IHH said it suffered losses after delays in obtaining approvals needed for the mandatory tender offer connected with the acquisition.

The delays occurred amidst a dispute between Daiichi Sankyo and its judgment debtors, to which it was not a party, the group added.

IHH-NTK acquired Fortis through a preferential allotment of newly issued shares worth $535.4m (INR40b), alongside a mandatory tender offer to public shareholders.

The transaction secured the required corporate, shareholder and regulatory approvals.

IHH said it did not acquire secondary shares from Fortis’ former promoters and made no payments to them as part of the transaction.

$1 = INR74.71

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