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(Alliance News) - Spire Healthcare Ltd on Monday said its acquisition by Ramsay Health Care Ltd has been terminated after it failed to win enough support from shareholders.
The takeover received 70% support from Spire investors, falling short of the 75% minimum threshold required, the company said.
Spire shares plunged 9.4% to 213.00 pence each on Monday afternoon, making it the worst performer in the FTSE 250 index.
Chair Ian Cheshire said: "We respect the decision of our shareholders and will now continue to execute our strategy to deliver growth and create greater value through supporting private patients and the NHS.
"Throughout our ongoing engagement with shareholders, feedback has been overwhelmingly positive towards the long-term strategy and our strong management team. We remain confident in the company's long-term fundamentals and are well positioned for success as a standalone business."
Sydney-based Ramsay had offered 240p per share for Spire in May, before making a final offer of 250p per share - worth GBP1.04 billion.
Mediclinic International PLC, which owns 30% ofSpire, had backed the deal from the start. But Fidelity and Toscafund, which together own about 14% of the London-based hospital operator, were reported by Sky News to have opposed the original bid. Proxy advisory firm Glass Lewis then recommended investors reject the increased offer.
By Ivan Edwards; ivanedwards@alliancenews.com
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