HEALTHCARE
Mediclinic offer for Spire opportunistic, say analysts
Analysts have described private hospital group Mediclinic International’s £842m bid for 70.1% of the UK’s second-biggest private hospital operator, Spire Healthcare Group, as "opportunistic", given the recent knock in Spire’s share price. South African-based Mediclinic already owns a 29.9% stake in Spire, so its play for the company values it at £1.2bn. Spire’s board announced on Monday that it had rejected Mediclinic’s cash and stock offer, which valued it at 298.6p per share, saying it "significantly undervalues Spire and its prospects". Mediclinic offered £1.50 cash and 0.232 of a Mediclinic share per Spire share. The offer was a 15% premium on Spire’s closing share price of £2.61 on Friday but below the historical levels at which it has traded, which were above £3.10 before its most recent trading update.
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