UK private hospital company Spire Healthcare announced Thursday that Toscafund Asset Management has been given more time — for the second time — to submit a formal offer to acquire the company. The new deadline is July 9, pushed back from the previous extension date of June 25.
Key details of the potential deal include:
If the acquisition goes through, Toscafund would gain full control of Spire Healthcare, a company in which it is already the second-largest shareholder.
Toscafund put its offer on the table on May 14, proposing 250 pence per share — a price that represented a 66% premium over Spire’s closing share price at the time and placed the company’s total value at approximately £1 billion, or about $1.32 billion.
Interestingly, Toscafund had previously built a stake of nearly 11% in Spire while actively opposing a 250 pence-per-share takeover attempt by Ramsay Health Care back in 2021. The asset manager is now putting forward a bid at that exact same price.
Under British takeover rules, the original deadline for any formal offer had been set for June 11. The current July 9 deadline represents the second extension granted in this process.
(Exchange rate reference: $1 = 0.7594 pounds at time of reporting)
