The board of healthcare group Assura has accepted an improved takeover offer of £1.7bn tabled by KKR and Stonepeak.
Under the terms of the offer, Assura shareholders will be entitled to receive 50.42p in cash for each share held and retain the quarterly dividend of 0.84p paid on 9 April and the quarterly dividend of 0.84p to be paid on 9 July 2025.
The offer implies a total value of 52.1p, inclusive of the declared dividends, and values the entire issued and to be issued ordinary share capital of Assura at approximately £1,696m on a fully diluted basis.
KKR and Stonepeak initially agreed the terms of a takeover of Assura in April, but in May Primary Health Properties (PHP) announced its intention to make a share and cash offer for the entire issued and to be issued ordinary share capital of the company.
Ed Smith, non-executive chair of Assura, said: “The board’s decision to recommend the offer from KKR and Stonepeak follows a careful and thorough evaluation of both offers, during which the board has been firmly focused on its fiduciary duty to shareholders. KKR and Stonepeak are highly experienced investors in healthcare and infrastructure and I am confident that with their support, and the additional capital they will provide, Assura will continue to deliver the high-quality healthcare infrastructure our communities need.”
