By Joe Hoppe

Ramsay Health Care Ltd. said Monday that it has made an increased all-cash final offer for U.K. rival Spire Healthcare Group PLC, valuing the business at an enterprise value of around 2.11 billion pounds ($2.92 billion).

The Australian hospital operator said that under the terms of the final offer, Spire shareholders will receive 250 pence a share in cash, a premium of 30% to the closing price of 193 pence a share on the latest practicable date.

The final price is an increase from the 240-pence offer previously made to Spire on May 26, which Spire management unanimously recommended its shareholders accept. Spire said separately on Monday that the increase follows extensive engagement with its shareholders.

Ramsay Chief Executive Craig McNally said the offer provides Spire shareholders an ability to realize a premium on their investments at attractive values, without further risk.

The acquisition will be funded by existing debt facilities and Ramsay has already secured undertakings to vote in favor of the scheme from shareholdings representing about 30.4% of Spire's issued share capital.

Spire said that it unanimously recommends shareholders vote in favor of the increased final offer at the court meeting and general meeting, set for next Monday.

Shares in Spire in London at 1314 GMT were down 4.0 pence, or 1.6%, at 243.5 pence.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

07-05-21 0936ET