IN BRIEF: Spire Healthcare extends Toscafund offer deadline once again
Spire Healthcare Group PLC - London-based private healthcare provider - Extends for the fourth time the put-up-or-shut-up deadline for its second-largest shareholder to make a firm takeover offer or walk away. Back in May, Spire agreed to a non-binding takeover offer from funds advised by Toscafund Asset Management LLP. The proposal of 250 pence per share in cash values Spire at GBP1.01 billion. Since then, Spire has extended the deadline for Toscafund to make a firm offer multiple times. On Friday, Spire says it has agreed to extend the deadline from Friday to September 3. Toscafund has concluded its due diligence, Spire says, and "it continues to work towards the announcement of a 250 pence per Spire Healthcare share recommended offer". Spire also on Friday says its interim results, scheduled for release on September 9, will be delayed and now will be released "by September 30". The company doesn't connect the results delay to the Toscafund deadline extension, nor provide any other reason. Funds advised by Toscafund had an 18.1% stake in Spire as of March.
Current stock price: 234.99 pence, down 0.4% in London on Friday morning
12-month change: up 4.7%
By Tom Waite, Alliance News editor
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