The proposed takeover of Spire Healthcare has been extended into yet another month to allow Toscafund Asset Management to arrange the funding for the potential £1bn deal.
Toscafund has confirmed to the board that its due diligence has concluded and that progress is being made on the transaction’s documentation, while its financing arrangements are “near final”.
It has also told the board that it continues to work towards the 250 pence per share it initially offered in May.
The board has granted the asset manager’s request to extend the deadline to make a firm offer by 3 September after the latest date of 6 August expired.
This is the fourth time the board has extended the deadline for its second largest shareholder to make a firm offer for the business.
Completing the due diligence and documentation as well as arranging funding have typically been reasons behind these delays.
The initial offer came following a strategic review of the business, which runs 38 private hospitals and more than 60 clinics in England, Wales and Scotland.
Bridgepoint Advisers and Triton Investment Advisers walked away, leaving Toscafund, an 18% shareholder, as the only suiter for the business.
