3rd Apr 2025 08:42
(Alliance News) - Primary Health Properties PLC on Thursday made a new offer to take over peer Assura PLC, in an attempt to outbid a US private equity consortium.
The London-based healthcare facility investor is now offering 9.08 pence in cash and 0.3848 of a new Primary Health Properties share for each Assura share. The cash portion is 20% of the total consideration.
Based on the Primary Health Properties closing share price of 94.35p on Wednesday, the offer implies a value of 46.2p for each Assura share, valuing all of Assura at GBP1.5 billion.
Shares in Assura were up 0.5% to 46.70p in London on Thursday morning. They are up 22% so far in 2025. In Johannesburg, they were flat at ZAR11.40 on Thursday.
Primary Health Properties shares were up 1.1% to 95.40p on Thursday in London. They were flat in Johannesburg at ZAR22.99.
Primary Health Properties noted its latest offer represents a premium of 24% 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 consortium comprising Kohlberg Kravis Roberts & Co Partners LLP and USS Investment Management Ltd.
The Primary Health Properties offer includes the quarterly dividend of 0.84p per share, which is due to be paid by Assura on Wednesday next week.
Assura shareholders would own about 48% of the combined group, Primary Health Properties said.
Early last month, Primary Health Properties offered 43p per share for Assura.
But Assura snubbed this March 12 offer, backing KKR-led offer that valued it at 49.4p each.
Primary Health Properties must formally make firm offer for Assura by Monday next week.
The deadline for KKR and Stonepeak to make a firm takeover offer for Assura is Friday next week. KKR and Stonepeak Partners are both New York-headquartered investment companies.
By Artwell Dlamini, Alliance News reporter
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