Spire Healthcare Extends Takeover Deadline for Fourth Time
Toscafund granted additional time to finalize its £1 billion bid for the private hospital group.
Spire Healthcare has extended the deadline for Toscafund to formalize its £1 billion takeover bid for the fourth time. The FTSE 250 listed company announced that the deadline for the hedge fund, led by Martin Hughes, to finalize its 250 pence per share offer has been pushed from August 7 to August 21.
Toscafund, Spire's second-largest shareholder with nearly 18% of its stock, first approached the private hospital firm in May. The fund, established in 2000 by Hughes, is known for aggressive dealmaking. Spire Healthcare operates 38 hospitals and over 60 clinics across England and Wales, treating approximately 1.4 million patients annually and being a leading provider of knee and hip operations in the private sector. The company also offers workplace health services to around 1,400 employers.
Toscafund's initial bid on May 14 valued Spire at approximately £1 billion, representing a 66% premium over the company's closing price the day prior. According to an update provided to investors, Spire stated that Toscafund has substantially completed its due diligence and requested the extension to finalize financing arrangements.
In 2021, Toscafund acquired an almost 11% stake in Spire while opposing a 250 pence per share offer from Australian firm Ramsay Healthcare. Spire's board indicated in May that they would be