Spire Healthcare gets £1bn buyout proposal from Toscafund, shares jump

Spire Healthcare announced it has received a non‑binding cash proposal from Toscafund Asset Management of 250 pence per share, valuing the British private hospital operator at about £1 billion; the board said it would recommend the potential cash bid if a formal offer is tabled.

According to the company statement, the 250p proposal represents a roughly 66% premium to the last closing price and follows a strategic review initiated in September 2025. Spire also said trading in the first four months to April 2026 has been in line with expectations and it continues to target adjusted core profit for 2026 broadly in line with 2025.

Markets reacted sharply to the approach: Spire shares jumped more than 40% on the announcement, making the stock one of the top risers on the London market. Market reports indicated intraday moves varied by source but consistently showed a multi‑dozen percent rise as investors re-priced the company on the back of the proposed offer.

The proposal comes after prolonged takeover interest in Spire, including earlier contacts with Bridgepoint and Triton where talks did not result in a deal. Toscafund’s history with Spire — including a previous move to block a 250p approach by Ramsay Health Care in 2021 — frames the current proposal and highlights activist investor involvement in seeking to crystallize private‑hospital valuations.

Analysts say that if Toscafund converts the approach into a firm offer, the deal could deliver immediate value to shareholders, but completion risks remain tied to regulatory review and potential rival bids. Under UK takeover rules Toscafund must either announce a firm intention to make an offer by June 11, 2026 or withdraw, a deadline that will be watched closely by investors and potential suitors.