Assura Plc (ARSSF,AGR.L), a specialist healthcare property investor and developer in the U.K., on Wednesday announced that it has reached a takeover agreement with Bidco on a sweetened cash offer of around 1.7 billion pounds or $2.29 billion. Assura had earlier rejected the cash and shares bid from Primary Health Properties Plc. (PHP.L).
The new offer from Sana Bidco Ltd. for Assura shareholders will be 50.42 pence per share in cash, plus retaining of dividends totalling 1.68 pence.
This values each Assura share at 52.1 pence and the company at approximately 1.7 billion pounds on a fully diluted basis.
The offer represents a premium of up to 41.2% over recent trading prices. The offer terms are final, barring exceptional circumstances approved by the Takeover Panel.
The initial cash offer from Bidco was approximately 1.6 billion pounds, while the offer from PHP valued Assura at around $1.5 billion pounds.
Bidco is a newly formed company indirectly wholly owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. or KKR and its affiliates and funds advised by Stonepeak Partners LP and its affiliates.
Following weeks of due diligence, the Assura Board has rejected the PHP Offer made on May 16, citing significant financial, execution, and strategic risks.
The concerns include high debt levels, 2 billion pounds in refinancing needs, reliance on uncertain asset disposals and particularly private hospitals, and reduced exposure to inflation-linked leases.
Assura is currently trading 2.10% higher at 49.93 pence on the London Stock Exchange.
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