London, May 14, 2026, 09:12 BST
- Toscafund is offering 250 pence per share to acquire Spire Healthcare, putting the UK private hospital operator’s total value near £1.01 billion.
- Spire’s board said it would likely back the cash offer, should Toscafund decide to make it official.
- The UK Takeover Panel has set a June 11 deadline, leaving little time for any new developments to emerge.
Shares of Spire Healthcare Group PLC surged Thursday, following news that Toscafund Asset Management—its number two shareholder—has put forward a non-binding cash bid valuing the hospital group at roughly £1.01 billion, or 250 pence per share.
Timing is key here. Spire’s strategic review has been underway for a while, but now the sale process is back in play—earlier takeover talks with Bridgepoint and Triton fizzled out, stalling momentum. Reuters said Triton walked away in March.
Toscafund faces a fixed deadline: by 5 p.m. on June 11, it needs to declare a firm offer or step back—unless UK takeover rules allow more time.
Spire’s board signaled it would be “minded to recommend unanimously” Toscafund’s cash proposal—if a formal bid lands with identical terms and the paperwork gets finalized. According to the company, discussions remain preliminary. Toscafund is still conducting confirmatory due diligence. Investegate
Shareholders would also get the chance to opt for an unlisted rollover equity alternative, letting them hang onto a stake in the company if Spire goes private, instead of just taking cash. Spire noted the proposal came after previous approaches from Toscafund during its strategic review.
No hesitation from investors—Spire jumped 42% to 213.36 pence during London’s morning session, boosting its market cap to roughly £863.9 million, according to Alliance News. Toscafund holds close to 18% of the company; Mediclinic remains the top shareholder just shy of 30%.
The offer comes as Spire releases a trading update, providing prospective buyers with fresher figures. For the first four months of 2026, Spire reported performance was tracking to forecasts, as private patient revenue—driven mostly by self-pay—showed robust growth. NHS income, too, matched expectations.
The NHS kicked off its new financial year in April, resetting commissioning agreements with providers. Spire reported that over 85% of its contracted volumes are locked in, offering a clear line of sight through the remainder of 2026 and into Q1 2027.
The company reported progress on its £30 million savings goal for 2026, noting that the majority of cost-cutting measures are now backed. Adjusted EBITDA—operating profit before interest, tax, depreciation and amortisation—is still expected to be roughly on par with 2025, it said.
Spire stands among the major listed private healthcare players in the UK, operating 38 hospitals and running upwards of 60 clinics throughout England, Wales, and Scotland. The company reported it handled over 1.36 million patients and workplace-health clients in 2025.
There’s a precedent in the numbers: back in 2021, Australian hospital group Ramsay Health Care put forward a recommended cash bid for Spire at 250 pence a share—the very figure Toscafund is pitching now.
Still, this isn’t a binding offer. Spire’s statement made it clear: under the UK Takeover Code, Toscafund’s proposal doesn’t count as a firm bid. It hinges on due diligence, plus final paperwork, so there’s no guarantee Toscafund actually comes through with a formal offer.
The gap remains visible in Spire’s market price. Shares, despite the rally, stayed below the 250 pence offer, forcing investors to consider the likelihood of a formal bid, details on any rollover equity, and whether major holders will support the deal.
