UK healthcare real estate firm Assura has backed a £1.79bn ($2.4bn) takeover offer from competitor Primary Health Properties (PHP), rejecting a competing bid from private equity giants KKR and Stonepeak Partners, according to a report by Reuters.
PHP’s latest bid values Assura at 53.3 pence per share, outbidding the KKR-Stonepeak consortium’s “best and final” offer of 52.1 pence earlier this month. The PHP offer represents a 47% premium to Assura’s share price prior to the initial KKR-Stonepeak approach.
Under the agreed terms, Assura shareholders would receive 0.3865 new PHP shares, 12.5 pence in cash, and a special dividend of 0.84 pence per share.
The competing suitors have been locked in a months-long bidding war for control of Assura, which owns and manages over 600 UK healthcare properties,
