9th Apr 2025 07:49
(Alliance News) - Assura PLC said Tuesday it has rejected a revised offer from its peer Primary Health Properties PLC, leaving a US private equity consortium as the only suitor.
On Thursday last week, 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.
This offer implied 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.
Assura said in a statement on Wednesday its board has considered the Primary Health Properties offer "carefully" with its advisers and concluded that it is not at a level that is sufficient to be recommended to shareholders.
"The board has therefore rejected the PHP proposal unanimously," Assura said in a statement.
Early last month, Primary Health Properties had offered 43p per share for Assura.
Assura snubbed this 43p offer, backing a rival offer from Kohlberg Kravis Roberts & Co Partners LLP and Stonepeak Partners (UK) LLP.
The deadline for KKR and Stonepeak to make a firm takeover offer for Assura is Friday. KKR-led offer valued Assura at 49.4p each.
Shares in Assura closed 2.7% higher at 45.18p in London on Tuesday. In Johannesburg, they ended Tuesday's session 0.6% up at ZAR11.44.
Primary Health Properties shares finished up 2.7% to 94.50p on Tuesday in London. They closed up 2.1% in Johannesburg to ZAR23.79.
By Artwell Dlamini, Alliance News reporter
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