The £1.5bn takeover proposal is below what a US private group has offered
03 April 2025 - 14:57
byAby Jose Koilparambil and Shashwat Awasthi
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British healthcare Reit Assura said on Thursday it has received a £1.5bn takeover proposal from Primary Health Properties, above an earlier offer it had rejected, but below what a US private group has proposed.
This is the seventh proposal in as many weeks fielded by Assura, which runs more than 600 healthcare properties with an investment value of more than £3bn, and counts Britain’s state-backed National Health Service as a customer. The latest one from rival Reit PHP, worth 46.2p per share, comes weeks after Assura rejected its 43p proposal in favour of 49.4p per share proposed by a consortium of US private equity group KKR and Stonepeak Partners.
Under the latest proposal, Assura’s shareholders will get 0.3848 new PHP shares, 9.08p in cash, retain a quarterly dividend of 0.84p per share and own 48% of the combined group, Assura and PHP said in a joint statement.
Assura shareholders will also have an option to “mix and match” varying proportions in which they receive new PHP shares and cash, it said.
PHP’s proposed price represents a 23.5% premium to Assura's closing share price on February 13, the day before Assura received its first takeover approach. Its shares closed at 46.48p on Wednesday.
KKR and Stonepeak have until April 11 to make a firm offer. Assura said last month it may recommend a final offer made on the consortium’s latest proposed terms.
KKR and Stonepeak did not immediately respond to a request for comment on PHP’s latest proposal.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
PHP lifts bid for UK healthcare Reit Assura
The £1.5bn takeover proposal is below what a US private group has offered
British healthcare Reit Assura said on Thursday it has received a £1.5bn takeover proposal from Primary Health Properties, above an earlier offer it had rejected, but below what a US private group has proposed.
This is the seventh proposal in as many weeks fielded by Assura, which runs more than 600 healthcare properties with an investment value of more than £3bn, and counts Britain’s state-backed National Health Service as a customer. The latest one from rival Reit PHP, worth 46.2p per share, comes weeks after Assura rejected its 43p proposal in favour of 49.4p per share proposed by a consortium of US private equity group KKR and Stonepeak Partners.
Under the latest proposal, Assura’s shareholders will get 0.3848 new PHP shares, 9.08p in cash, retain a quarterly dividend of 0.84p per share and own 48% of the combined group, Assura and PHP said in a joint statement.
Assura shareholders will also have an option to “mix and match” varying proportions in which they receive new PHP shares and cash, it said.
PHP’s proposed price represents a 23.5% premium to Assura's closing share price on February 13, the day before Assura received its first takeover approach. Its shares closed at 46.48p on Wednesday.
KKR and Stonepeak have until April 11 to make a firm offer. Assura said last month it may recommend a final offer made on the consortium’s latest proposed terms.
KKR and Stonepeak did not immediately respond to a request for comment on PHP’s latest proposal.
Reuters
PHP becomes latest suitor for Assura
PHP sees opportunities in UK’s NHS reform
Primary Health Properties included in FTSE/JSE all share index
PHP reports higher net rental income
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