Spire Healthcare Rises 3% After Agreeing £1.03 Billion Takeover at 250p a Share

Key Facts

Spire Healthcare shares rose more than 3% to 245.5p on Monday after the company agreed to a recommended cash takeover offer of 250p a share. The offer values its entire issued and to-be-issued share capital at approximately £1.0265 billion on a fully diluted basis.

Tulip UK Bidco will acquire all Spire shares the consortium does not already own. Bidco is intended to be indirectly owned by a consortium including funds managed or advised by Toscafund, Three Hills and Ares, with the transaction primarily structured as a court-sanctioned scheme of arrangement.

The £1.0265 billion equity valuation differs from the implied enterprise value of £2.3076 billion. The enterprise-value calculation includes £367.1 million of borrowings, subtracts £34.7 million of cash and adds £948.7 million of lease liabilities, using balances at 31 December 2025.

The 250p offer represents a 66.2% premium to the 150.4p closing price on 13 May 2026. At 245.5p, the shares remained 4.5p, or about 1.8%, below the cash consideration, showing that the market had not priced in receipt of the full offer value before completion.

Completion remains conditional on approval by scheme shareholders, passage of the required resolutions at the general meeting, court sanction and FCA approval for changes of control at regulated group entities. Subject to satisfaction or permissible waiver of the conditions, the scheme is expected to become effective in Q4 2026 or Q1 2027.

Bidco has received irrevocable undertakings covering 53.4% of Spire's issued ordinary shares and 42.7% of the scheme shares. The recommended offer follows the non-binding proposal at the same 250p price disclosed by Spire on 14 May 2026; the next step is publication of the scheme document within 28 days of the offer announcement unless a later date is agreed with the Takeover Panel.