Primary Health Properties PLC (PHP.L) reaffirmed its belief that combining with Assura plc offers significant strategic, operational, and financial advantages for shareholders of both companies.
This follows Assura's recent endorsement of an alternative bid from Sana Bidco Limited. PHP underscored that the sector's current favorable conditions, including strong rental growth and lower interest rates, position the combined group for enhanced value. Based on PHP's closing share price on 12 June 2025, the offer implies a value of 53.0 pence per Assura share, a 1.7% premium over the Bidco offer.
PHP proposed an accelerated dividend option, allowing Assura to declare a special dividend of up to 0.84 pence per share without reducing PHP's offer value. Additionally, PHP aligned its acceptance condition with that of the Bidco offer to ensure execution certainty.
Addressing Assura's concerns, PHP reiterated its plans to temporarily exceed target leverage only until asset disposals bring loan-to-value ratios within 40-50%. PHP highlighted existing lender support, secured refinancing plans, and positive joint venture discussions. The firm dismissed claims of heightened refinancing or execution risks, citing robust market demand for healthcare assets and PHP's successful integration track record.
PHP maintained that the combined portfolio would enhance state-backed income security and deliver sustainable, long-term shareholder value. The company also confirmed proactive engagement with the Competition and Markets Authority and urged Assura's cooperation to expedite regulatory clearance.
PHP encouraged Assura shareholders to withhold action on the Bidco offer while it continues pursuing the proposed combination.
PHP.L is currently trading at £103.5 or 0.49% higher on the London Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.