7th Apr 2025 15:59
(Alliance News) - Assura PLC said Monday it has asked for around a month to allow Primary Health Properties PLC more time to make a firm offer for the care property investor and developer.
The Altrincham, England-based company said it has requested the UK Takeover Panel to prolong the put up or shut up deadline from Monday this week to May 5, when Primary Health Properties must announce a firm intention to make an offer for Assura. The regulator granted the extension.
This comes after Primary Health Properties on Thursday last week revised its offer to take over Assura, in an attempt to outbid a US private equity consortium.
Assura said on Monday its board is in the process of "carefully" considering the Primary Health Properties proposal, with its advisers.
On Thursday last week, Primary Health Properties offered 9.08 pence in cash and 0.3848 of a new Primary Health Properties share for each Assura share.
The offer implies a value of 46.2p for each Assura share based on the Primary Health Properties closing share price of 94.35p on Wednesday last week, valuing all of Assura at GBP1.5 billion.
The Primary Health Properties offer includes the quarterly dividend of 0.84p per share, which is due to be paid by Assura on Wednesday this week.
The revised deadline may only be extended at the request of the board and with the consent of the takeover panel, Assura said.
Assura also said on Monday it remains in discussions with Kohlberg Kravis Roberts & Co Partners LLP and Stonepeak Partners (UK) LLP over a possible cash offer for the company.
The deadline for KKR and Stonepeak to make a firm takeover offer for Assura is Friday this week.
KKR-led offer valued Assura at 49.4p each.
Shares in Assura were down 4.0% to 44.02p in London on Monday afternoon. In Johannesburg, they fell 1.6% to ZAR11.34 on Monday.
Primary Health Properties shares were down 2.3% to 93.05p in London. But they were up 2.1% in Johannesburg at ZAR23.20.
By Artwell Dlamini, Alliance News reporter
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