- Spire Healthcare said it has received and rejected a takeover proposal from Mediclinic International.

Spire said the offer of 150p in cash and 0.232 new Mediclinic shares per Spire share significantly undervalued the company and its prospects.

It was responding to press speculation and confirmed it received the proposal after the market closed on October 18.

Later confirming the approach, Mediclinic said its proposal represented a premium of 30% to the closing price of Spire shares on October 17.

It has until November 20 to make a firm offer.

"A further announcement will be made in due course, but there can be no certainty that an offer will be made," Mediclinic said.

At 9:42am:

[LON:MDC] Mediclinic International Plc share price was -11.25p at 629.25p

[LON:SPI] Spire Healthcare Group share price was +31.9p at 293.2p

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