Spire Healthcare Group (LSE:SPI), the UK independent healthcare group operating 38 hospitals and more than 60 clinics, has been approached by funds advised by Toscafund Asset Management with a Proposal for a possible cash offer of 250p per share for the entire issued and to be issued ordinary share capital.
The board said it would be minded to recommend unanimously at that price if a firm offer were proposed on substantially the same financial terms. Presently, the proposal is non-binding, includes an option for an unlisted rollover equity alternative in respect of some or all shares, and is subject to customary pre-conditions, including confirmatory due diligence and definitive transaction documentation.
Spire highlighted that, over multiple years, it has strengthened care quality, diversified revenue streams and driven efficiencies, delivering adjusted free cash flow at a CAGR of 32% and ROCE rising from 6.2% to 8.0% between FY22 and FY25 while continuing to execute its standalone strategy.
Toscafund is Spire's second largest shareholder, and, under City rules, it must announce a firm intention to make an offer or state it does not intend to do so by 5.00 pm on 11 June.
