Spire Shares Rise 45% on Toscafund £1bn Bid

Shares in Spire Healthcare surged 45 percent on Thursday after the company disclosed a non-binding cash takeover proposal from its second-largest shareholder, Toscafund Asset Management, valuing the private hospital group at about 1 billion pounds.

The offer of 250 pence per share represents a 66 percent premium to Wednesday's closing price of 150.4 pence. Spire's shares climbed to around 219 pence in morning trading. In a statement, the company said discussions with Toscafund remain at a relatively early stage but that its board would be minded to recommend the possible offer unanimously to shareholders, subject to due diligence and other preconditions.

Toscafund, which holds an 18 to 22 percent stake in the FTSE 250-listed company, has made several prior proposals during Spire's ongoing strategic review, launched last September. Under UK takeover rules, Toscafund must announce a firm offer by 5 p.m. on June 11, 2026, or step away for six months. The proposal also includes an option for shareholders to roll over some or all of their holdings into unlisted equity.

Spire operates 38 hospitals and more than 60 clinics across England, Wales and Scotland. It treated 1.4 million...