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 £1.5 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 R 11.44.
Primary Health Properties shares finished up 2.7% to 94.50p on Tuesday in London. They closed up 2.1% in Johannesburg to R 23.79.
Copyright 2025 Alliance News Ltd. All Rights Reserved.