Shares in Spire Healthcare Group Plc (LSE:SPI) jolted 16% higher to 206p after the FTSE 250-listed company said it is in talks with Bridgepoint Advisers and Triton Investment Advisers following the launch of a strategic review in September.
The talks are at a preliminary stage, the private hospital operator said, with no certainty that an offer will be made or on what terms.
But under UK takeover rules, both Bridgepoint and Triton must declare their intentions by 5pm on 21 February 2026, unless granted an extension.
The company has been granted a dispensation by the Takeover Panel from naming other potential bidders unless identified in market speculation.
When Spire put itself in play in September, it said it was exploring a sale and other ways to release value from its £1.4 billion property estate.
Some analysts suggested a sale of the entire business could fetch 325p-450p a share, compared to a price of around 230p at the time, with a trade sale to buyers such as Mediclinic, Circle, Ramsay and Nuffield mooted, as well as private equity interest.