Spire Healthcare shareholders have voted against the company’s £1.4bn takeover by Australia’s Ramsay Health Care.
The hospital group said on Monday that total votes in favour of the deal were 69.88% at the General meeting and 72.07% at the Court Meeting, coming in below the 75% acceptance threshold.
“Accordingly, the acquisition of Spire by Ramsay has been terminated and the scheme has lapsed,” the company said.
Ramsay had sweetened its bid for Spire earlier this month to 250p a share from 240p. However, shareholders Toscafund Asset Management and Fidelity made it clear that even if the improved offer significantly undervalued the group.
Had the acquisition gone ahead, it would have created the largest private hospital company in the UK.