Second-round bids for Bupa’s 26 UK hospitals were due yesterday. Financial Times

Private equity firms Cinven, CVC, Terra Firma, PAI and BC Partners are understood to have submitted second-round bids of up to £1.5bn.

Blackstone, which was working on its offer with Ramsay Healthcare of Australia, advanced to the second round but is understood to be unlikely to proceed because the auction has pushed the price above what it sees as the real value.