Private healthcare provider Spire Healthcare has extended the deadline for a proposed £1 billion takeover bid by investment firm Toscafund and its founder Martin Hughes. The deadline for finalising the offer has been pushed from 5 p.m. on July 9 to 5 p.m. on August 6.

Toscafund, founded in 2000 by Hughes—who is known in financial circles for his assertive approach to dealmaking—is Spire’s second-largest shareholder. The move allows additional time for the parties to reach an agreement on the terms of the proposed acquisition, which values Spire shares at 250 pence each.

Spire Healthcare operates a network of 38 hospitals and over 60 clinics across England and Wales. In the past year, the company treated approximately 1.4 million patients and is recognized as the leading private provider of knee and hip surgeries by volume. In addition to its hospital and clinic services, Spire manages workplace health programs for around 1,400 employers nationwide.

The extended deadline reflects ongoing negotiations as Toscafund seeks to complete its takeover of one of the United Kingdom’s largest private healthcare groups. The outcome will be closely watched by industry observers given Spire’s significant presence in the private healthcare sector amid rising demand for elective procedures and workplace health services.