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Assura PLC on Monday said it would be ‘minded to accept’ a possible £1.61 billion cash bid from a US private equity consortium. The Altrincham, England-based care property investor and developer said the offer from Kohlberg Kravis Roberts & Co Partners LLP and Stonepeak Partners (UK) LLP would value each share at 49.4 pence each. In response, shares in Assura were up 14% at 46.48p each in London on Monday morning. KKR and Stonepeak Partners are both New York-headquartered investment companies. Stonepeak specialises in infrastructure investment. The price is a 32% premium to Assura’s undisturbed share price of 37.4p on February 13, the day prior to Assura announcing it received an unsolicited approach from KKR and USS Investment Management. KKR noted that tilt valued Assura at £1.56 billion, or 48p per share, and also said in February that it was considering if there is any ‘merit’ in engaging with Assura’s board. Under the latest proposal, Assura shareholders would retain the quarterly dividend of 0.84p per share due to be paid to shareholders in April and receive cash of 48.56p per share at closing. On the latest proposal, Assura said: ‘The consortium of KKR and Stonepeak, both long-term infrastructure investors, recognises that Assura’s leading platform and portfolio are important social infrastructure assets for the UK, and has indicated its intention to deploy further capital to the portfolio to continue its growth.’ After speaking with its advisers and major shareholders, Assura said it has indicated to the consortium that it would be minded to recommend a bid should a firm offer be made. As a result, Assura has decided to engage in discussions with the consortium and allow it to complete a limited period of confirmatory due diligence. Assura also noted it received an all-share takeover approach from fellow London listing Primary Health Properties PLC worth 43p per share. Assura said the private equity cash bid proposal is more attractive, and with ‘materially less risk’. ‘Therefore, the board has rejected the PHP proposal,’ it said. PHP has until April 7 to make a firm bid for Assura. Shares in PHP were up 1.7% at 92.05p each in London on Monday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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