Assura 'minded to recommend' improved takeover proposal from KKR, Stonepeak
By Michele Maatouk
Date: Monday 10 Mar 2025
(Sharecast News) - Assura said on Monday that it was "minded to recommend" an improved, £1.61bn cash takeover proposal from investment firms KKR and Stonepeak.
The consortium has offered 49.4p per share, which is 2.9% increase on the previous proposal of 48p per share.
Assura siad: "Having carefully considered the possible cash offer with its advisers and consulted with the company's major shareholders extensively following the announcement of a possible offer on 14 February 2025, the board has indicated to the consortium that, should a firm offer be made on the financial terms set out above, it would be minded to recommend such an offer to Assura shareholders, subject to the agreement of the other terms of the offer."
As a result, the board has decided to engage in talks with the consortium and allow it to complete a limited period of confirmatory due diligence.
Assura also said that it has received an indicative, non-binding proposal from Primary Health Properties about a possible all-share combination, which it has rejected.
This would be structured by way of an offer by PHP for Assura at an exchange ratio based on each company's last reported NTA per share. Based on PHP's share price of 90.1p as at 13 February, the implied value of the PHP proposal is 43p per Assura share.
Assura said the cash offer from KKR is more attractive than the PHP proposal "as it provides shareholders with the opportunity to receive cash consideration at a significantly higher value per share than the proposal from PHP and with materially less risk".
Under UK takeover rules, PHP has until the end of play on 7 April to either announce a firm intention to make an offer or walk away.
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