17th Feb 2025 08:53
(Alliance News) - Kohlberg Kravis Robert & Co Inc on Monday said Assura PLC has rejected four bid proposals for the company.
The New York-based private equity firm said it is now considering if there is any "merit" in engaging with the Cheshire, England-based care property investor's board.
KKR said the latest proposal was 48 pence per share in cash, valuing all of Assura's equity at GBP1.56 billion, a 28% premium to its Friday closing price.
"This follows significant work over the last 6 months which resulted in three previous written proposals made to the board of Assura, each of which was rejected unanimously by the board," KKR said. The fourth offer was rejected on Saturday, KKR said.
Assura shares were 18% higher at 45.92p in London on Monday morning for a market value of GBP1.49 billion. In Johannesburg, shares were untraded at ZAR8.57.
In a statement, KKR said it believes that the terms of the latest proposal offer a "highly attractive opportunity" for Assura shareholders to realise their investment in cash at a significant premium to prevailing market prices.
"KKR is considering whether there is any merit in continuing to try and engage with the board. There can be no certainty that any firm offer for the company will be made. A further announcement will be made as and when appropriate." it added.
Assura on Friday announced it had received an unsolicited approach from KKR and USS Investment Management, the latter acting for the Universities Superannuation Scheme. The Universities Superannuation Scheme is a pension scheme in the UK for universities and higher education institutions.
In a statement Assura had said it was "reviewing the proposal".
It added on Friday: "The board remains confident in the long-term prospects of the company and believes that Assura is strongly positioned to create value for shareholders."
Assura made no further announcement early Monday.
USS IM separately on Monday announced it does not plan to make an offer for Assura, either as part of a consortium or alone. KKR noted USS IM's announcement.
KKR has until the close of play on March 14 to announce if it plans to make a formal offer for Assura.
By Jeremy Cutler, Alliance News reporter
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