Private equity firm KKR has teamed up with Stonepeak Partners in a takeover offer for Assura after it turned down the previous approach.
The proposed offer of 48.56p per share values the healthcare real estate investor at £1.61bn, up from £1.56bn previously. Assura has confirmed its engagement with the potential buyer, allowing it to complete a limited period of confirmatory due diligence.
Assura also confirmed it had received an indicative, non-binding proposal from Primary Health Properties at 43p per share but said the offer from KKR was more attractive as it provides shareholders with the opportunity to receive a cash consideration at a significantly higher value per share than the proposal from PHP and with materially less risk. As such, Assura has rejected the PHP proposal.
Despite that, PHP intends to continue its talks with Assura to determine if further offer can be made “on terms attractive to both sets of shareholders” as it believes that an all-share combination would deliver value.
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