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Assura PLC confirmed on Thursday that it has received revised indicative offer from peer Primary Health Properties PLC. Primary Health Properties said on Thursday it has sweetened its offer to take over Assura, in an attempt to outbid a US private equity consortium. Assura said its board is reviewing the Primary Health Properties proposal with its advisers. Early on Thursday, Primary Health Properties said it is now offering 9.08 pence in cash and 0.3848 of a new Primary Health Properties share for each Assura share. The cash portion is 20% of the total consideration. Based on the Primary Health Properties closing share price of 94.35p on Wednesday, the offer implies a value of 46.2p for each Assura share, valuing all of Assura at £1.5 billion. Shares in Assura were up 1.3% to 47.08p in London on Thursday afternoon. They are up 33% so far in 2025. In Johannesburg, they rose 3.3% to R 11.77 on Thursday. Primary Health Properties shares were up 2.7% to 96.89p on Thursday in London. They were up 3.4% in Johannesburg at R 23.76. Primary Health Properties noted its latest offer represents a premium of 24% to Assura’s closing share price of 37.4 pence on February 13, the last day before Assura said it had received an unsolicited offer from the consortium comprising Kohlberg Kravis Roberts & Co Partners LLP and USS Investment Management Ltd. The Primary Health Properties offer includes the quarterly dividend of 0.84p per share, which is due to be paid by Assura on Wednesday next week. Assura shareholders would own about 48% of the combined group, Primary Health Properties said. Early last month, Primary Health Properties offered 43p per share for Assura. But Assura snubbed this March 12 offer, backing KKR-led offer that valued it at 49.4p each. Primary Health Properties must formally make firm offer for Assura by Monday next week. The deadline for KKR and Stonepeak to make a firm takeover offer for Assura is Friday next week. KKR and Stonepeak Partners are both New York-headquartered investment companies. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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