IN BRIEF: Spire Healthcare extends PUSU deadline for Toscafund offer

Spire Healthcare Group PLC - London-based private healthcare provider - Extends its deadline for second-largest shareholder Toscafund Asset Management LLP to either announce a firm intention to make an offer, or to announce that it does not intend to make one, to the evening of June 25. Spire says that discussions and due diligence are ongoing, and that it requested the extension from the Panel on Takeovers & Mergers to allow further time for both, as well as for agreements on definitive transaction documentation. Toscafund holds a 19% stake in Spire, while largest shareholder Mediclinic Group Ltd owns 30%.

The previous deadline, announced on May 14 alongside Toscafund’s revised non-binding proposal regarding a possible cash offer of 250 pence per share, was Thursday evening. The 250p per share offer would value Spire at around £1.01 billion, and Spire said at the time that it would be minded to unanimously recommend this to its shareholders, although it added that it ‘remains highly confident in [its] standalone strategy and the value creation opportunity.’

Current stock price: 221.50 pence, up 3.5% on Thursday afternoon in London

12-month change: up 5.0%

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