Toscafund gets extension to deadline for Spire takeover offer

(Sharecast News) - Spire Healthcare said on Thursday that the 'put up or shut up' deadline for Toscafund Asset Management to make a takeover offer has been extended to allow for further talks and due diligence. Shares in the private hospital operator surged last month after it said it had received a £1bn buyout proposal from Toscafund. The proposal of 250p a share represented a premium of around 66% to Spire's last closing price and the company said at the time that it would be minded to recommend the deal to shareholders if a firm offer was made.

Under UK takeover rules, Toscafund - which has an 18% stake in Spire - had until the end of play on Thursday to either make a firm offer or walk away. However, Spire has requested and been granted an extension to 25 June.

Spire said: "Discussions and due diligence are ongoing between the company and Toscafund."

The PUSU deadline was extended "to allow further time for these discussions to continue to take place and to provide additional time for Toscafund to complete its due diligence and for definitive transaction documentation to be agreed," it said.

At 1450 BST, the shares were 3.8% higher at 222.13p.

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