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Assura PLC on Monday said it is reviewing the revised terms of a takeover offer from Primary Health Properties PLC only days after accepting a rival approach from a Kohlberg Kravis Robert & Co Inc led consortium. The Altrincham, England-based property business owns and operates more than 600 general practitioner and primary healthcare buildings in the UK. On Monday, Assura said it had noted the revised terms of PHP’s share and cash offer, announced last Friday. The revised terms include the potential acceleration of Assura’s third-quarter dividend without a corresponding reduction in the value of the PHP offer. PHP also lowered the acceptance condition for its offer to a threshold more than 50%, the same acceptance condition as the cash offer from the KKR group and down from 75% previously. In May, PHP, the London-based healthcare facility investor, made a cash and shares bid for Assura. It offered 12.5 pence cash and 0.3769 of a new Primary Health share for each Assura share, valuing Assura at the time at 51.7p per share. On Friday, PHP noted that, based on its share price of 103.0p on Thursday, its proposal implies a total value of 53.0p Assura per share, inclusive of the Assura dividends, a premium to the KKR offer. Last Wednesday, Assura accepted a rival approach from Sana Bidco Ltd, a consortium made up of private equity firm KKR and property investor Stonepeak Partners LP, both New York-based. Under the terms of its ‘best and final’ offer, KKR is offering Assura shareholders 50.42p in cash. In addition, Assura shareholders will retain the quarterly interim dividends of 0.84p each announced in February and May, making for a total offer of 52.1p. On Monday, Assura said it is reviewing the revised PHP terms with its advisers and will continue to engage in extensive shareholder consultation. ‘The Assura board has always been, and will remain, objective and resolutely focused on carrying out its fiduciary duties in the interests of Assura shareholders,’ it said in a statement. On Friday, PHP had flagged concerns about Assura’s ‘level of engagement, objectiveness and responsiveness’ in the process. Assura said it will set out its views on the PHP offer by no later than a week on Friday. In the meantime, Assura shareholders are advised to ‘take no action in relation to the PHP offer,’ Assura said. Shares in Assura were marginally higher at 50.13p each in London on Monday, while Primary Health Properties was up 0.2% at 103.70p. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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