Healthcare real estate firm Assura recommends €2bn takeover bid
British healthcare real estate investor Assura on Monday recommended rival Primary Health Properties' new £1.79bn (€2.09bn) takeover bid that trumps a lower offer from KKR and Stonepeak Partners.
Assura has extensive operations in the UK before entering the Irish market three years ago. It has been responsible for developing primary care centres and other healthcare facilities in counties including Mayo, Cavan, Monaghan, and Offaly.
Primary Health Properties's (PHP) latest 53.3p per share bid was higher than KKR-Stonepeak's "best and final" offer of 52.1p tabled earlier this month, and at a 47% premium to Assura's closing price before KKR-Stonepeak's first approach.
Assura shareholders would get 0.3865 new PHP shares, 12.5p in cash, and be entitled to a special dividend of 0.84 pence per share under the terms of the latest bid, the companies said.
The private equity firms and PHP have been competing over Assura for months, gradually sweetening their offers for the company which manages over 600 healthcare properties and counts Britain's state-backed National Health Service as a customer.
Reuters
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