Assura board rebuffs KKR-led takeover offer, declares special dividend

Assura PLC on Tuesday formally rejected an all-cash offer from a consortium led by Kohlberg Kravis Robert & Co Inc.

Sana Bidco Ltd, the consortium made up of KKR and property investor Stonepeak Partners LP, made the ‘best and final’ offer for Assura early last month.

Over three weeks ago, the Assura directors recommended the new cash-share offer from peer Primary Health Properties PLC.

Assura said on Tuesday its board ‘unanimously’ recommends that the company’s shareholders ‘take no action’ over the Bidco offer.

Under the terms of the increased PHP offer, Assura shareholders would receive 0.3865 new PHP shares and 12.5 pence in cash.

Assura on Tuesday declared a special dividend of 0.84p per Assura share, as part of the revised PHP deal.

Also, Assura shareholders are entitled to receive or retain a quarterly dividend of 0.84p per Assura share paid on April 1, and a quarterly dividend of 0.84p per Assura share paid on July 9.

Based on the PHP closing share price of 103.5p on June 20, the fresh PHP offer implies a total value to be received by Assura shareholders of 53.3p for each Assura share.

This represents a premium of 5.8% to the value of the best and final cash offer of 50.42p per Assura share, made by Bidco.

On Tuesday, Assura shares closed 0.4% lower at 50.10p in London, but they ended down 0.3% to R 12.15 in Johannesburg.

PHP shares fell 0.5% to 96.50p at the close in London, while they finished 0.5% lower at R 23.89 in Johannesburg.

Copyright 2025 Alliance News Ltd. All Rights Reserved.