Overview

• Spire confirmed it is evaluating a range of options, including a possible sale, and appointed Rothschild & Co as lead financial adviser to support the review.
• Harwood Capital, which holds about 5%, pressed the board to act, with investors including Toscafund reported to be eyeing valuations of at least £3.40 per share.
• Shares jumped as much as 9% on Friday, putting Spire’s value near £1 billion after earlier LSEG data pegged the market cap around £872 million.
• The group operates 38 hospitals and more than 50 clinics, and investors point to a freehold property portfolio worth over £1.4 billion when arguing the stock is undervalued.
• Spire notes the review is at an early stage and may not lead to a transaction, with context including a 2021 £2.50-per-share Ramsay bid rejected by shareholders and rising private-care demand linked to NHS backlogs.