Kohlberg Kravis Robert & Co Inc on Wednesday said the consortium it is leading has made its ‘best and final’ offer in the latest move to acquire Assura PLC.
The consortium, called Sana Bidco Ltd, is made up of private equity firm KKR and property investor Stonepeak Partners LP, both New York-based.
Under terms of the final offer, KKR is offering Assura shareholders 50.42p in cash. In addition, Assura shareholders will retain the quarterly interim dividend of 0.84p announced in February and the quarterly interim dividend of 0.84p declared in May, making for a total offer of 52.1p.
KKR said the final offer, including cash and dividends, represents an increase of 2.70p per Assura share to the original offer by the consortium on April 9, amounting to 3.4% to Assura’s EPRA net tangible asset value of 50.4p per share as at March 31. It is a 39% premium to the closing price of 37.4p per Assura share on February 13, the last day before Assura said it had received an unsolicited offer from the KKR-led consortium.
The final offer of 52.1p per share values all of Assura’s equity at £1.70 billion, KKR said.
Back in April, Sana offered to buy Assura for £1.61 billion, or 49.4p per share.
The private equity firm said the final offer is 0.5% better than the offer value of 51.85p per share implied by Primary Health Properties PLC’s cash and shares offer, based on closing share prices on Tuesday.
In May, Primary Health sweetened its offer to 12.5p and 0.3769 of a new Primary Health share for each Assura share, valuing Assura at 51.7p per share and £1.68 billion in total.
In a separate statement on Wednesday, Assura said it recommends the final Sana offer.
‘The board’s decision to recommend the offer from KKR and Stonepeak follows a careful and thorough evaluation of both offers, during which the board has been firmly focused on its fiduciary duty to shareholders,’ Assura Chair Ed Smith.
‘KKR and Stonepeak are highly experienced investors in healthcare and infrastructure and I am confident that with their support, and the additional capital they will provide, Assura will continue to deliver the high-quality healthcare infrastructure our communities need,’ Smith said.
KKR said the recommended takeover offer for Assura is conditional on acceptances of more than 50%.
‘After nearly a year of engagement, this is our best and final offer which we believe is lower risk than other alternatives and higher in value offering a significant premium,’ KKR Managing Director Andrew Furze said.
Assura is a property developer and investor focused on healthcare facilities, based in Altrincham, England, and dual-listed in London and Johannesburg.
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