Spire Healthcare’s largest institutional shareholder, Fidelity International, has joined the revolt against Ramsay Health Care’s higher £2.11 billion ($3.9 billion) takeover tilt, saying it still undervalues the UK hospitals company.

Alex Wright, Fidelity Special Situations Fund portfolio manager, said his view remains the same that the bid undervalues Spire, despite the Australian private hospitals operator sweetening its offer by 10 pence to £2.50 a share – an increase of £40 million.