London's Spire Healthcare gets $1.35 billion buyout proposal from Toscafund

Thu, 14th May 2026 10:01

* Spire board to recommend Toscafund bid if formal offer is ⁠made

* Toscafund's 250 pence a share proposal matches Ramsay's 2021 bid it blocked

* Spire shares jump over 40%, leading London market gains

May 14 (Reuters) - British private ⁠hospital group Spire Healthcare said on Thursday it received ⁠a buyout proposal worth 1 billion pounds ($1.35 billion) from its second-largest shareholder, Toscafund Asset Management, sending its shares up more than 40%.

Spire's board said it would recommend the potential cash bid to shareholders if Toscafund ‌tables a formal offer.

Here are some details:

• The 250 pence per share proposal represents a 66% premium to Spire's last closing share price. • Spire shares surged 43.3% to 215.5 pence, making the stock the biggest gainer among all London-listed stocks.

• Toscafund must announce a firm intention to make an ‌offer by June 11 or walk away under UK takeover rules. • The proposal follows a prolonged search for a ‌buyer. Spire confirmed in January it was in discussions with investment firms Bridgepoint and Triton regarding a potential takeover but Triton pulled out. • Spire launched a strategic review in September 2025 after activist investor Harwood Capital Management urged it to consider a sale. • Toscafund, ‌which built its stake to nearly 11% in Spire while blocking Australia's Ramsay Health Care's 250 pence per share bid in 2021, now proposes the same price. • ⁠Spire ⁠shares have lost nearly half of their value ‌since hitting 411 pence in September 2016, pressured by investor concerns over profitability, UK National Health Service revenue volatility, and rising costs.

• Spire said trading in the first four months ‌to April 2026 has been in line with expectations and forecasts 2026 adjusted core profit broadly in line with 2025.