Spire Healthcare falls as Bridgepoint and Triton withdraw bid interest

Spire Healthcare Group PLC on Monday said it remains in talks with other parties regarding a potential sale of the company after two London-based private equity firms withdrew their bid interest.

Late Friday, Bridgepoint Advisers, part of FTSE 100-listed Bridgepoint Group PLC, and Triton Investment Advisers, both released statements saying they no longer were interested in buying London-based private healthcare company Spire.

In response, shares in Spire Healthcare plunged 20% to 151.38 pence each in London early Monday.

Talks with Bridgepoint and Triton, both London-based private equity firms, followed Spire’s announcement of a strategic review back in September.

Late Thursday, Sky News reported that Bridgepoint was drawing up proposals for a formal offer for Spire worth £1 billion, or 230 pence per share.

But on Friday, Bridgepoint said in a statement that while ‘grateful’ for the efforts of the Spire Healthcare board, it has been ‘unable to get sufficient confidence as to a transaction structure that would work for all stakeholders at this time’.

For its part, Triton simply said that ‘it does not intend to make a firm offer for Spire Healthcare’.

In Monday’s statement, Spire said it is in talks with other parties in relation to a potential sale and is also continuing to ‘actively evaluate other appropriate actions to drive long-term, sustainable shareholder value’.

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