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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.
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