Assura rejects revised takeover offer from Primary Health Properties

(Alliance News) - Assura PLC said Tuesday it has rejected a revised offer from its peer Primary ...

Alliance News 9 April, 2025 | 6:49AM
Email Form Facebook Twitter LinkedIn RSS

(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

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Primary Health Properties PLC 93.90 GBX -0.27 -
Assura PLC

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2025 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures