Spire Healthcare (LSE:SPI) has secured another extension to the deadline for Toscafund Asset Management to decide whether to make a firm takeover offer, as the investment manager continues work on a potential 250 pence-per-share cash bid for the UK healthcare group.
Toscafund, Spire’s second-largest shareholder, is considering an offer for the entire issued and to-be-issued share capital of the company. The proposal would also include an optional unlisted rollover equity alternative for eligible shareholders wishing to retain an interest following a potential transaction.
New takeover deadline set for 3 September
Toscafund has completed its due diligence on Spire but requires additional time to finalise financing arrangements, which the parties said are close to completion.
Following a request from Spire’s board, the UK Takeover Panel has agreed to extend the deadline until 5pm on 3 September 2026.
By that point, Toscafund must either announce a firm intention to make an offer under the UK Takeover Code or confirm that it does not intend to proceed. The deadline could be extended again with the consent of the Takeover Panel.
No certainty firm offer will be made
Despite the advanced stage of discussions, Spire stressed that there remains no certainty that Toscafund will ultimately make a binding offer.
Toscafund has also retained the ability to alter the proposed value, terms or structure of any transaction in circumstances permitted under the Takeover Code.
This includes the right to reduce the proposed offer price if Spire announces, declares or pays a dividend or another distribution to shareholders before completion of a potential transaction.
The latest extension therefore keeps Spire in an offer period while giving Toscafund additional time to complete its financing and transaction documentation.
Operational performance supports outlook
Spire’s underlying outlook benefits from solid operational performance and healthy cash generation, although leverage remains relatively high and the conversion of operating performance into net income continues to be weaker.
Technical indicators provide additional support, with the shares displaying a clear upward trend as investors assess the possibility of a takeover.
Valuation remains a more significant constraint, with Spire trading on a relatively high price-to-earnings multiple while offering a comparatively low dividend yield.
More about Spire Healthcare Group
Spire Healthcare Group is one of the UK’s leading independent healthcare providers, operating 38 hospitals and more than 60 clinics across England, Wales and Scotland.
The group works with more than 8,800 consultants and provides healthcare services to private patients, NHS patients and customers funded through employers and insurers. It is also a significant provider of orthopaedic procedures and NHS talking therapies.
Spire served more than 1.36 million patients during 2025 and is a constituent of the FTSE 250.
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