Triton and Bridgepoint abandon pursuit of Spire Healthcare

(Sharecast News) - Spire Healthcare said on Friday that it remains in talks with other parties about a potential sale, after private equity firms Bridgepoint and Triton said they were not planning to make a takeover offer for the private hospital operator. Spire announced in January that Bridgepoint and Triton were are among the parties in early takeover talks with the group.

On 18 February, Spire said the deadline for takeover talks with the two private equity firms had been extended as discussions were ongoing. But after the close of markets on Friday, both Bridgepoint and Triton confirmed they were abandoning their pursuit of Spire.

"Bridgepoint is grateful for the efforts of the Spire Healthcare board over the course of its participation in the formal sale process, but Bridgepoint has been unable to get sufficient confidence as to a transaction structure that would work for all stakeholders at this time," it said.

In a separate announcement, Triton also confirmed it does not intend to make an offer.

For its part, Spire said it remains in talks with other parties about a potential sale.

"There can be no certainty that any offer will be made for the company nor as to the terms of any offer, if made," it said. "The board and management are also continuing to actively evaluate other appropriate actions to drive long-term, sustainable shareholder value."

Spire said it will make a further announcement "in due course as appropriate".

Shares in the company closed up 6.9% at 190.20p, having surged earlier in the day after Sky News reported that Bridgepoint was drawing up proposals for a formal offer worth £1bn.

Under UK takeover rules, Bridgepoint and Triton had until 1700 GMT on 21 March to either announce a firm intention to make an offer or walk away.

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