Spire Healthcare Gives Toscafund More Time for Takeover Offer Amid Delays
Spire Healthcare Extends Toscafund Takeover Deadline
Aug 21 (Reuters) - Britain's Spire Healthcare on Friday extended for the fifth time the deadline for Toscafund Asset Management to make a formal takeover offer for the private hospital operator to September 3.
Toscafund’s Takeover Proposal Details
• Toscafund tabled its 250 pence-per-share proposal on May 14, representing a 66% premium to Spire's closing price the previous day and valuing the company at about £1 billion ($1.36 billion).
Shareholder Position and Due Diligence
• The company, Spire's second-largest shareholder, confirmed its due diligence had concluded and requested the extension to finalise its financing arrangements, which it described as near-final.
Other Potential Buyers
• The proposal follows a prolonged search for a buyer, which also included discussions with investment firms Bridgepoint and Triton regarding a potential takeover of Spire.
Financial Reporting and Market Reaction
Delay in Half-Year Results
• In a separate statement, Spire also pushed back the publication of its half-year results, which it now expects to release by September 30, rather than on September 9
Share Price Performance
• Since Toscafund's takeover offer was disclosed, Spire's shares have gained nearly 57%.
Exchange Rate Reference
($1 = £0.7329)
Reporting Credits
(Reporting by Neeshita Beura in Bengaluru; Editing by Janane Venkatraman)
