Toscafund Asset Management has received a one-day extension to the deadline for its proposed takeover of Spire Healthcare, moving the Potential Offeror Under Statutory Provisions (PUSU) deadline to 5:00 p.m. London time on September 4, 2026.
The extension follows a request from Toscafund to complete financing documentation for its cash offer of 250 pence per Spire Healthcare share. The fund confirmed to Spire’s board that due diligence is concluded, work toward announcing a recommended offer is substantially complete, and transaction documentation is in near-final form.
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 state it does not intend to proceed by the new deadline. The Takeover Panel granted consent to the extension after Spire’s board requested it.
The proposal remains subject to customary pre-conditions, including confirmatory due diligence and agreement of definitive transaction documents. Toscafund retains the right to adjust the offer price or terms downward under specific scenarios, such as if Spire’s board agrees to a lower-value offer from a third party or if Spire declares certain dividends or corporate actions.
The announcement noted that further extensions remain possible with Takeover Panel approval, and there is no certainty a firm offer will be made even if pre-conditions are satisfied or waived.
