The offer, which Toscafund is required to act on by 5pm on 11 June 2026, values Spire at £2.50 per share.

A Spire Healthcare spokesperson said: ‘The board remains highly confident in Spire Healthcare's standalone strategy and the value creation opportunity. However, the board has carefully considered the proposal together with its advisers and has concluded that the possible cash offer is at a value that the board would be minded to recommend unanimously to Spire Healthcare shareholders. Accordingly, the board is in discussions with Toscafund in relation to these terms and Toscafund is in the process of undertaking its confirmatory due diligence.

‘These discussions are currently at a relatively early stage.'

Spire Healthcare terminated takeover talks with private equity firms Triton and Bridgepoint in March.