Toscafund Asset Management has been granted an extension to the deadline for deciding whether to make a formal takeover offer for Spire Healthcare, after announcing it has substantially completed due diligence.
Funds advised by Toscafund, Spire’s second-largest shareholder, submitted a revised non-binding proposal on 14 May to acquire the company for 250p a share in cash, valuing the business at £1bn. The proposal also includes an option for shareholders to exchange some or all of their holdings for unlisted rollover equity in the acquiring vehicle.
Under the UK Takeover Code, Toscafund had been required to announce by 5pm on 6 August whether it intended to make a firm offer or withdraw its interest. However, after it requested additional time, the Spire board sought the consent of the Takeover Panel to extend the deadline, which has now been pushed back to 21 August 2026.
Toscafund said the extension will allow it to complete financing arrangements and finalise transaction documentation.
The deadline may be extended again with the consent of the Takeover Panel and Spire said there remains no certainty that a firm offer will ultimately be made, even if all pre-conditions are satisfied or waived.
©2026 All rights reserved LaingBuisson
