9th Apr 2025 09:02
(Alliance News) - Assura PLC said Tuesday its board has formally recommended an offer from a US private equity consortium after accepting terms of the takeover deal.
Sana Bidco Ltd, owned by Kohlberg Kravis Roberts & Co Partners LLP and Stonepeak Partners (UK) LLP, 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 said its board and Bidco have reached agreement on the terms of a recommended cash offer for Assura by Bidco.
The offer represents a premium of about 32% to the closing price of 37.4p per Assura share on February 13, the last day before Assura said it had received an unsolicited offer from the consortium comprising KKR and Stonepeak.
The proposed Bidco offer is subject to shareholder approval.
Shares in Assura were up 5.7% at 47.76p in London on Wednesday. In Johannesburg, they ended Tuesday's session 0.6% up at ZAR11.44.
Earlier this morning, Assura had said its board has rejected a revised offer from Primary Health Properties PLC.
Primary Health Properties sweetened its offer to 9.08 pence 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.
On Wednesday, Assura said its board considered the terms of the acquisition to be "fair and reasonable", saying it unanimously recommends the Bidco offer.
Lazard provided independent financial advice to Assura.
"The cash offer from KKR and Stonepeak allows Assura shareholders to realise their investment at an attractive price," Assura Chair Ed Smith saidting that the group will continue to flourish under the ownership of private equity firms.
Primary Health Properties shares were up 0.7% to 95.05p on Wednesday in London. They were up 1.2% in Johannesburg to ZAR24.08.
By Artwell Dlamini, Alliance News reporter
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