Shares in Spire Healthcare surged over 40% after its second-largest shareholder, Toscafund Asset Management, launched a takeover approach valuing the private hospital group at about £1bn. The £2.50-a-share cash offer represented a 66% premium to Spire's prior close, pushing the stock to £2.13 and a market cap near £860mn.

This follows earlier strategic review talks in January with buyout firms like Bridgepoint and Triton, which had already lifted the stock. Toscafund's move comes after Spire rejected a £2.50 offer from Ramsay Health Care in 2021, highlighting persistent valuation debates. The activist investor now faces a June 11 deadline to formalize its intent or withdraw for six months under UK rules.

The board stated it would recommend a formal bid to shareholders. Spire reported first-quarter trading in line with expectations, citing strong growth in private-patient and NHS revenue. The company maintained its full-year outlook, suggesting the bid proceeds against a backdrop of stable operational performance.