6th May 2025 15:16
(Alliance News) - Assura PLC on Tuesday said it has obtained permission to extend the deadline for posting a document over its proposed offer from a US private equity consortium.
Early last month, Assura formally recommended an offer from Sana Bidco Ltd, owned by Kohlberg Kravis Roberts & Co Partners LLP and Stonepeak Partners (UK) LLP.
Sana is offering 49.4 pence each, valuing the Altrincham, England-based care property investor and developer at about GBO1.61 billion.
The price tag includes a quarterly interim dividend of 0.84p announced on February 18 and due to be paid on Wednesday this week.
Assura had said early last month its board had rejected a revised offer from Primary Health Properties PLC.
Primary Health Properties had improved its offer to 9.08p in cash and 0.3848 of a new Primary Health Properties share for each Assura share, implying a value of 46.2p for each Assura share.
Due to a delay in the process of obtaining approval to post the document from the Johannesburg Stock Exchange, Assura said on Tuesday it is not possible to send the document to its shareholders by Wednesday this week.
The new deadline for posting the document is May 21. The document contains further information about the acquisition and notices of a court meeting and general meeting.
Assura said its board intends to finalise and post the document "as soon as reasonably practicable", following receipt of approval from the JSE.
The property group said its board, acting on advice from Lazard, considers the terms of the acquisition to be "fair and reasonable", and intend to unanimously recommend that its shareholders vote in favour of the deal.
Shares in Assura were up 0.2% at 49.00p in London on Tuesday afternoon. In Johannesburg, however, they were down 12% at ZAR12.20.
By Artwell Dlamini, Alliance News reporter
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