Spire Healthcare extends Toscafund takeover deadline for fifth time

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 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).

• 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.

• 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.

• 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

• Since Toscafund’s takeover offer was disclosed, Spire’s shares have gained nearly 57%.

($1 = £0.7329)

(Reporting by Neeshita Beura in Bengaluru; Editing by Janane Venkatraman)