The Takeover Panel has agreed to extend the pending unconditional substantive offer (PUSU) deadline for Toscafund Asset Management's proposed acquisition of Spire Healthcare Group plc. The new deadline is 5:00 p.m. London time on September 4, 2026, a one‑day extension from the original cut‑off.
Toscafund, Spire's second‑largest shareholder, offered a cash price of 250 pence per share for the entire issued and to‑be‑issued ordinary share capital. The proposal also includes an optional unlisted rollover equity alternative that shareholders may elect for some or all of their holdings.
The extension was requested by Toscafund to complete its financing documentation. Spire's board sought the extension, and the Takeover Panel consented. Under Rule 2.6(a) of the City Code on Takeovers and Mergers, Toscafund must either announce a firm intention to make an offer or confirm it will not proceed by the deadline.
Toscafund has confirmed that due‑diligence work is finished and that the recommended offer at 250 pence per share is substantially complete, with transaction documents in near‑final form. The offer remains subject to customary pre‑conditions, including confirmatory due‑diligence and definitive documentation. Toscafund also reserves the right to lower the offer price or terms if certain triggers occur, such as a lower‑value firm offer from a third party, specific corporate actions by Spire, or any dividend or distribution by Spire.
