Spire Healthcare announces further deadline extension for Toscafund
Spire Healthcare Group PLC on Thursday announced a third put-up-or-shut-up deadline extension for its second-largest shareholder.
The London-based private healthcare provider announced back in May that it "would be minded to recommend" a non-binding takeover proposal of 250 pence per share in cash, valuing it at £1.01 billion, from funds advised by Toscafund Asset Management LLP.
Spire shares were 1.4% higher at 214.50 pence on Thursday around noon in London.
Toscafund originally had until June 11 to announce a firm intention to make an offer, or to announce that it does not intend to make an offer. This deadline was later extended to the evening of June 25.
Spire announced on Thursday that Toscafund has since requested, and been granted, a further extension until 1700 BST on August 6.
"Toscafund has confirmed to the Board that its due diligence process is well advanced and that it continues to work towards the announcement of a [250p per share] recommended offer," Spire stated.
It further explained that Toscafund had requested the new extension "to enable it to finalise its financing arrangements, which are also well advanced and include seeking a private credit rating."
Spire also highlighted "the material progress made in negotiation of definitive transaction documents".
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