Bridgepoint abandons pursuit of Spire Healthcare

(Sharecast News) - Private equity firm Bridgepoint said on Friday that it is not planning to make an offer for private hospital operator Spire Healthcare. Spire announced in January that Bridgepoint and Triton were are among parties in early takeover talks with the group.

On 18 February, Spire said the deadline for takeover talks with the two private equity firms had been extended as discussions are ongoing. But after the close of markets on Friday, Bridgepoint said it was abandoning its pursuit of Spire.

"Bridgepoint is grateful for the efforts of the Spire Healthcare board over the course of its participation in the formal sale process, but Bridgepoint has been unable to get sufficient confidence as to a transaction structure that would work for all stakeholders at this time," it said.

Spire shares closed up 6.9% at 190.20p, having surged earlier in the day after Sky News reported that Bridgepoint was drawing up proposals for a formal offer worth £1bn.

Under UK takeover rules, Bridgepoint and Triton had until 1700 GMT on 21 March to either announce a firm intention to make an offer or walk away.

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