Assura evaluates PHP's revised acquisition offer

The Assura board, together with its financial and legal advisers, is currently reviewing the revised PHP offer in detail, it said.
The board of Assura plc, which is secondary listed on the JSE, said on Tuesday it notes the announcement made by Primary Health Properties (PHP) on June 13 outlining revised terms of its share and cash offer for the entire issued and to be issued ordinary share capital of Assura.
Assura is a UK-based Real Estate Investment Trust specialising in the development, investment, and management of primary healthcare properties. Assura owns and operates a portfolio of over 600 healthcare facilities across the UK, including GP surgeries, diagnostic and treatment centers, and private hospitals.
Key amendments to the PHP offer include the potential acceleration of Assura's quarter three dividend, without a corresponding reduction in the overall value of the PHP offer to shareholders; and a reduction in the acceptance condition for the PHP offer to more than 50% of the voting rights normally exercisable at a general meeting of Assura shareholders - aligning it with the acceptance threshold of the competing cash offer from Sana Bidco, announced on June 11.
The board of Assura further notes that PHP published its formal offer document on June 13, setting out the full terms and conditions of the revised PHP offer.
The Assura board, together with its financial and legal advisers, is currently reviewing the revised PHP offer in detail, it said. As part of this process, the board is conducting comprehensive consultations with shareholders to ensure their views are appropriately considered.
Assura said, "The board remains committed to acting objectively and in accordance with its fiduciary duties, with a firm focus on maximising value for all Assura shareholders."
In line with regulatory requirements, the board said it will publish a circular setting out its formal response to the PHP offer no later than June 27.
In the interim, Assura told shareholders that they are strongly advised to take no action in relation to the PHP offer.
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