Triton and Bridgepoint withdraw bid interest in Spire Healthcare

Triton Investments Advisers LLP and Bridgepoint Advisers Ltd on Friday both said they do not intend to make a firm offer for Spire Healthcare Group PLC.

In January, the London-based private healthcare company named Bridgepoint Advisers, part of FTSE 100-listed Bridgepoint Group PLC, and Triton Investment Advisers, as two possible suitors for the firm.

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.’

Formal offers were due to be made before Saturday’s bid deadline.

Shares in Spire Healthcare closed 6.7% higher at 190.00 pence each in London on Friday, with both announcements coming after the market close.

At the closing price on Friday, FTSE 250-listed Spire has a market value of £765 million.

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