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Primary Health Properties PLC said late on Friday a little over 1% of shareholders of Manchester-based peer Assura PLC have accepted its revised takeover offer. The London-based real estate investment trust and investor in modern primary healthcare premises said it had received acceptances of 38.6 million Assura shares as at 1300 BST on Friday, representing about 1.18% of the issued share capital of Assura. PHP also urged Assura shareholders to accept the revised offer ‘as soon as possible’ and no later than August 12. On Monday, PHP said it has received foreign direct investment clearance in Ireland as it inches closer to acquire Assura. Three weeks ago, Assura directors recommended the new cash-share offer from Primary Health. Under the terms of the increased PHP offer, Assura shareholders would receive 0.3865 new Primary Health shares and 12.5 pence in cash. In addition, Assura shareholders would be entitled to receive a special dividend of 0.84p per Assura share. Based on the Primary Health Properties closing share price of 103.5p on June 20, the fresh PHP offer implies a total value to be received by Assura shareholders of 53.3p for each Assura share. This represents a premium of 5.8% to the value of the best and final cash offer of 50.42p per Assura share, made by Sana Bidco Ltd, a consortium made up of Kohlberg Kravis Robert & Co Inc and property investor Stonepeak Partners LP. Also, Assura shareholders will be entitled to receive or retain a quarterly dividend of 0.84p per Assura share paid on April 1, and a quarterly dividend of 0.84p per Assura share paid on July 9. On Friday, Assura shares closed 0.2% lower at 49.98p in London, but they finished flat at R 12.20 in Johannesburg. PHP shares ended 0.5% down at 96.05p in London, while they closed unchanged at R 23.70 in Johannesburg. In a separate filing on Monday, KKR said Bidco’s takeover offer for Assura has 0.0084% acceptances as at 1800 BST on Friday. The consortium owns a 5.06% stake in Assura. UK Competition & Markets Authority said early this month it was considering whether to investigate a planned acquisition by PHP of Assura. CMA has given itself up to Friday this week to decide whether to launch an investigation into the PHP-Assura transaction. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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