Ramsay Health Care sweetens bid for Spire Healthcare

Ramsay said on Monday that this was its final offer, unless another company made a bid for Spire. The new offer represents a 30% premium to the closing share price of Spire the day before the initial bid was made.

Spire said in a statement that since the announcement of the initial offer, its board has engaged "extensively" with shareholders and "in particular noted the views of certain shareholders about the price under the initial offer".

"The board believes that the increased final offer is in the best interests of Spire shareholders as a whole, and accordingly unanimously recommends that shareholders vote in favour of the increased final offer at the Court Meeting and General Meeting due to be held on 12 July 2021," it said.

Ramsay chief executive officer Craig McNally said: "We have been operating in the UK market for 15 years and as such have strong operational insight and a good appreciation of the industry dynamics and long term outlook for the market. We have called on this deep understanding to determine what we believe is a full and fair price for the Spire business.

"Our offer provides Spire shareholders with the ability to realise a premium on their investment in the near term at an attractive valuation multiple, without the execution risks associated with delivery of the Spire stand-alone strategy - many of which are outside of its control."

Private hospital operator Spire announced in May that it had agreed to be bought by Ramsay for just under £1bn.