Bond.az reports that Spire Healthcare shares jumped 43.3% to 215.5 pence on Thursday.
The surge follows a non-binding cash offer of 250 pence per share from Toscafund, the second-largest shareholder.
The proposal values the healthcare group at approximately £1 billion ($1.35 billion).
According to Bond.az, shares reached their highest level since September 2025.
The board stated it would be minded to unanimously recommend the offer if Toscafund makes a firm proposal.
Toscafund has until June 11 to announce a firm intention or withdraw.
