Latest news with #Assura
Daily Mail
5 days ago
- Business
- Daily Mail
Top investors in GP surgery firm Assura oppose £1.7bn bid from US private equity giant KKR
Assura's major shareholders have opposed a tie-up with a US private equity giant. Top ten investors Quilter Cheviot and Schroders, which own around 6 per cent and 5 per cent of shares in the NHS landlord respectively, favour a deal with London-listed rival Primary Health Properties (PHP) over US buyout giant KKR. Allianz, Gravis, Baillie Gifford and Columbia Threadneedle have also leant their support to PHP's bid. Shareholders argued that KKR's proposal undervalues Assura, which owns GP surgeries, hospitals and hospices across the UK. A deal with KKR and its partner Stonepeak would see buildings leased to the NHS fall into the hands of overseas owners. But a takeover by PHP would retain the properties under the ownership of a London-listed business. Assura this week said it would weigh up an improved bid from PHP, despite having backed KKR's £1.7billion offer last week. Marcus Phayre-Mudge, manager of Columbia Threadneedle's TR Property Investment Trust, said: 'The KKR bid simply doesn't offer a premium significant enough to justify walking away from this long-term opportunity. 'That's why we strongly support the PHP-Assura merger and encourage other shareholders to do the same.' A Gravis fund manager said PHP's offer was a 'superior choice for long-term investors'. The KKR bid 'risks crystallising value at what may be a cyclical low', they added. Baillie Gifford investment manager Jon Stewart said the KKR deal was not 'in shareholders' best interests' and 'undervalues Assura's long-term growth potential'. KKR's 'best and final' bid values the company at 52.1p per share, although that includes already declared dividends. Without those, the offer is worth 50.42p, analysts said. Most recently, PHP offered £1.68billion to buy Assura but argued last week that its cash and stock bid is worth more as the value is based on share prices. Assura shares slid 0.1 per cent, or 0.05p, to 50.1p. City exodus goes on Direct Line and Ashtead have moved a step closer to joining the exodus from the London stock market. The £3.7billion takeover of insurer Direct Line by Aviva is set to complete next month after talks with the competition watchdog. Aviva said it is pressing ahead with plans for a court to sanction the deal on July 1. This would see the insurer swallowed up by its larger rival and leave the market. Equipment rental firm Ashtead said it is on course to switch its main stock market listing to New York in early 2026. In the past month, drug maker Indivior and fintech firm Wise said they would switch their main listing to New York.
IOL News
5 days ago
- Business
- IOL News
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. BUSINESS REPORT Visit:
Daily Mail
13-06-2025
- Business
- Daily Mail
Assura urged to reject bid from predator KKR
The battle for the future of GP surgery owner Assura escalated yesterday after a rival urged it to reject a bid from a private equity predator. Assura this week recommended that shareholders accept a sweetened £1.7billion bid from American buyout giant KKR and New York investment firm Stonepeak. The deal would see properties leased to the NHS, including doctors' surgeries, hospitals and hospices, fall into the hands of overseas owners. Most recently, Primary Health Properties (PHP) offered £1.68billion to buy Assura but it argued yesterday that its cash and stock bid is now worth more – as the value moves depending on share prices. And PHP dismissed Assura's claim that its offer posed 'material risks and downsides' for shareholders as it urged investors to take no action in relation to KKR's bid. A takeover by PHP would retain the properties under the ownership of a London-listed business. And it said Government spending plans for the NHS over the next three years would benefit both firms. KKR and PHP have been locked in a months-long tussle which has seen both parties up their offers several times since February to try to clinch a deal. The US private equity giant has made a 'best and final' cash offer of £1.7billion, up from its previous bid of £1.61billion. The bid of 52.1p per share includes two dividends: one which has already been paid and another that was declared last month. Russ Mould, investment director at broker AJ Bell, said: 'Shareholders in Assura now have the luxury of sitting back to watch what happens, in the view that some sort of deal seems certain.' Assura declined to comment.
Daily Mail
13-06-2025
- Business
- Daily Mail
PHP urges Assura to back its takeover bid over private equity offer
UK healthcare property investor Primary Health Properties has urged rival Assura to back its takeover bid over an offer from a US investment consortium. Private equity f irms KKR and Stonepeak's 'best and final' £1.7billion sweetened cash bid for Assura was recommended to shareholders earlier this week. Assura had said PHP's offer posed 'material risks and downsides' for its shareholders. Both firms invest in properties leased out to healthcare organisations, including the National Health Service. Accepting the bid from KKR and Stonepeak means Assura currently looks to become the latest business to exit the London Stock Exchange, following a flurry of takeover activity this week. London-listed PHP warned on Friday the primary care property sector was at an 'inflexion point' due to strong rental growth and lower interest rates. The group also highlighted the Government's spending plans for the next three years, which it says will would benefit both firms. PHP said its cash-and-share offer, based on its closing price of 103p pence a share on Thursday, now implies a total value of 53p per Assura share, including dividends. The firm's first offer in May consisted of 0.3769 new PHP shares and 12.5p in cash, and valued Assura at 51.7p per share, including dividends. PHP said it would not reduce the value of the offer if Assura's board declared a special dividend of up to 0.84p apiece. It added: 'The Board believes that with further due diligence and consideration, and factoring in the special dividend, the Board of Assura should recommend the combination to shareholders.'
Reuters
13-06-2025
- Business
- Reuters
UK's PHP urges Assura to back its bid over KKR-Stonepeak offer
June 13 (Reuters) - British healthcare real estate investor Primary Health Properties (PHP) (PHP.L), opens new tab on Friday urged rival Assura (AGRP.L), opens new tab to back its bid over a takeover offer from KKR and Stonepeak (KKR.N), opens new tab. Assura earlier this week backed U.S. private equity firms KKR and Stonepeak's nearly 1.7 billion pound ($2.3 billion) "best and final" sweetened cash bid, valuing its shares at 52.1 pence apiece, including dividends. Assura had said PHP's offer posed "material risks and downsides" for its shareholders. PHP said it disagrees with that assessment. PHP said it believed the primary care property sector was at an "inflexion point" due to strong rental growth and lower interest rates. PHP also noted that the UK's spending plans over the next three years would benefit both firms, which invest in properties leased out to healthcare entities such as Britain's National Health Service. PHP said its cash-and-share offer, based on its closing price of 103 pence a share on Thursday, now implied a total value of 53 pence per Assura share, including dividends. At the time of PHP's first announcement of the offer in May, its bid consisting of 0.3769 new PHP shares and 12.5 pence in cash, had valued Assura at 51.7 pence, including dividends. The value of an offer with a stock component will vary with the bidder's share price. PHP said on Friday that it would not reduce the value of the PHP offer if Assura's board declared a special dividend of up to 0.84 pence apiece. "The Board believes that with further due diligence and consideration, and factoring in the special dividend, the Board of Assura should recommend the combination to shareholders," PHP said. Assura's shares were little changed on Friday at 49.9 pence. PHP shares were flat at 103 pence as of 0711 GMT. ($1 = 0.7389 pounds)
