Source: Sharecast
The private hospital operator said Toscafund had confirmed that its due diligence process is well advanced and updated the board on the progress it has been making on other aspects of the cash offer.
"Given the progress being made on due diligence and transaction documentation, Toscafund requested that the board grants a further extension to enable it to finalise its financing arrangements, which are also well advanced and include seeking a private credit rating," it said.
"In light of this request, the board, having considered the confirmation that Toscafund's due diligence is well advanced, the confirmation by Toscafund that it continues to work towards an announcement of the cash offer at a price of 250 pence per Spire Healthcare share, the material progress made in negotiation of definitive transaction documents and the progress made by Toscafund in respect to its financing, has therefore requested, and the Takeover Panel has consented to, a further extension to the PUSU deadline."
The deadline has been pushed back from 1700 BST on 9 July to 6 August.
Spire announced in May that it had received a £1bn buyout proposal from Toscafund, which has an 18% stake in the company.
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