Spire agrees £1bn takeover
Prominent UK private hospital operator Spire Healthcare Group has reached an agreement on the terms of a recommended cash takeover by Tulip UK Bidco Limited. The transaction values Spire’s entire issued and to be issued ordinary share capital at approximately £1.03bn on a fully diluted basis, representing an enterprise value of roughly £2.31bn. Tulip UK Bidco is a newly formed…
Candesic advises investor consortium on £1bn Spire acquisition
Leading UK-based independent hospital and healthcare group Spire Healthcare has recommended a £1bn takeover by an investor consortium indirectly owned by investment firm Toscafund Asset Management, private equity firm Three Hills (THCP Advisory), and US investment manager Ares Management. Candesic is delighted to have provided commercial due diligence to this consortium through Tulip UK Bidco, their newly formed acquisition vehicle.…
Spire Healthcare receives £1bn buyout proposal
Spire Healthcare has received a £1.01 billion buyout proposal from its second largest shareholder, sending shares in the private hospital operator surging. On May 14, London based investment firm Toscafund Asset Management, which already holds an 18 per cent stake in Spire, tabled a non-binding cash offer of 250 pence per share – a 66 per cent premium to the…
Spire shares plunge as bidders withdraw
Shares in Spire Healthcare plunged over 20% on Monday, March 23, after private equity firms Bridgepoint and Triton formally abandoned their pursuit of the private hospital operator. The dual withdrawal effectively dashes hopes of an imminent £1bn takeover that had sent the stock surging. Bridgepoint, which had reportedly been formulating a 230 pence per share offer, stated it was unable…