23rd May 2025 08:28
(Alliance News) - Assura PLC said on Friday it has engaged in further discussions with Primary Health Properties PLC, having "carefully considered" a fresh takeover offer from its peer.
Primary Health Properties late last week tabled the new offer that would see Assura shareholders receive 12.5 pence in cash and 0.3769 of new Primary Health Properties share for each Assura share, giving a current value of 51.7p.
Shares in Assura were up 0.1% at 49.20p in London on Friday morning. In Johannesburg, they were unchanged at ZAR12.00.
Primary Health Properties shares were unchanged at 98.65p in London. They were up 1.8% to ZAR23.92 in Johannesburg.
On Friday, Assura, an Altrincham, England-based care property investor and developer, said it has started due diligence to determine whether to recommend the revised offer from Primary Health Properties to its shareholders.
Assura also said it has decided to adjourn the court meeting and the general meeting required to implement the cash offer from a consortium led by Kohlberg Kravis Roberts & Co LP. The court meeting and the general meeting were scheduled for June 5.
Assura early last month had formally recommended the 49.4p per share offer from the US private equity consortium, which also included Stonepeak Partners (UK) LLP.
KKR on Monday this week defended its offer to buy Assura, claiming its all-cash bid remains the superior option for Assura shareholders.
The new Primary Health Properties offer represents a premium of 38% to Assura's closing share price of 37.4 pence on February 13, the last day before Assura said it had received an unsolicited offer from the KKR-led consortium.
If the new Primary Health Properties bid succeeds, Assura shareholders will hold about 48% in the combined entity.
By Artwell Dlamini, Alliance News reporter
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