Primary Health Properties PLC (PHP.L), a British real estate investment company, and rival Assura Plc (AGR.L) Monday announced the terms of an increased offer through which PHP will acquire Assura in a cash and stock offer. The new offer values Assura at about 1.79 billion pounds, up 2.2% from the previous offer.
As per the terms of the increased offer, Assura shareholders would receive 0.3865 new PHP shares and 12.5 pence per share in cash. Additionally, Assura shareholders will be entitled to receive a special dividend of 0.84 pence per share.
Based on the PHP closing share price of 103.5 pence on 20 June 2025, the increased offer implies a total value of 53.3 pence per share for Assura, a premium of 5.8% to the KKR-Stonepeak offer of 50.42 pence per share.
Commenting on the Increased PHP Offer, Ed Smith, Non-Executive Chair of Assura said, "The Assura Board has always been and will remain resolutely focused on carrying out its fiduciary duties in the interest of Assura Shareholders and in this context has decided to recommend this increased offer from PHP."
Harry Hyman, Non-Executive Chair of PHP said, "The Increased PHP Offer, which is expected to deliver earnings accretion to both sets of shareholders, allows Assura Shareholders to participate in significant upside compared to crystalising value in cash at an inflexion point in the current economic cycle, and benefit from the Combined Group's likely long-term rating, continuing capital growth and a growing dividend."
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