Spire Healthcare takeover deadline extended by one day

LONDON - The deadline for Toscafund Asset Management LLP to finalize a firm takeover offer for Spire Healthcare Group plc has been extended by one day. The new deadline for Toscafund to make a final decision on their proposed cash offer of 250 pence per share has been pushed to September 4, 2026, according to the company's press release.

Toscafund, Spire Healthcare's second-largest shareholder, initially made their offer on May 14, 2026. The proposal includes an option for shareholders to choose an unlisted rollover equity alternative for some or all of their shares. Due diligence on the proposal has been confirmed as complete, and work toward announcing a recommended offer is nearly finalized.

However, Toscafund has requested the extension to finalize their financing documentation. The original deadline to make a firm offer was 5:00 p.m. London time on September 3, 2026. The extension has been granted, with the new deadline set for 5:00 p.m. London time tomorrow.

Under regulatory guidelines, Toscafund must either state their intention to make an offer or confirm they do not intend to do so by the new deadline. The takeover remains subject to the satisfaction or waiver of customary pre-conditions, such as completing due diligence and agreeing on definitive transaction paperwork.

Toscafund maintains the right to offer a lower value or less favorable terms under certain circumstances, including if a third party makes a lower-value firm offer or following specific corporate actions by Spire Healthcare. They can also reduce their offer if Spire Healthcare pays any dividends or distributions.

The announcement emphasizes that there is no certainty a firm offer will be made even if pre-conditions are satisfied or waived.