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Highlights
- KKR and Stonepeak propose a cash offer of 49.4 pence per share, valuing Assura at £1.6 billion.
- 31.9% premium on Assura's last closing share price and 33.9% premium over the one-month average.
- Board rejects a lower all-share merger proposal from Primary Health Properties (PHP).
The Board of Assura plc (LSE:AGR) has announced that it received an indicative, non-binding proposal from Kohlberg Kravis Roberts & Co. Partners L.L.P. (KKR) and Stonepeak Partners (UK) LLP for a possible cash offer to acquire the entire issued and to-be-issued share capital of Assura at 49.4 pence per share. The proposal values the healthcare infrastructure company at £1.6 billion, reflecting a significant premium on its recent share price.
Under the proposed deal, Assura shareholders would retain their declared quarterly dividend of 0.84 pence per share, payable on 9 April 2025, and receive 48.56 pence per share in cash at closing. This revised offer marks a 2.9% increase from KKR’s previous bid of 48 pence per share, including the dividend.
Premium Valuation and Market Impact
The possible cash offer represents a:
- 31.9% premium to Assura’s closing share price of 37.4 pence on 13 February 2025.
- 33.9% premium to the 1-month volume-weighted average price of 36.9 pence.
- 30.6% premium to the 3-month volume-weighted average price of 37.8 pence.
The proposed price matches 100% of Assura’s EPRA Net Tangible Asset Value (NTA) as of 30 September 2024, reflecting the Consortium's confidence in the company's long-term value. KKR and Stonepeak, both established infrastructure investors, have expressed their intent to inject further capital into Assura’s portfolio to support ongoing growth and development.
Board’s Response and Competing Proposals
Following extensive discussions with major shareholders and careful consideration with financial advisers, Assura’s Board indicated that if a firm offer is made on the current financial terms, they would likely recommend the offer to shareholders — subject to the finalization of other terms and a limited period of confirmatory due diligence.
The Board also confirmed it had received an alternative, non-binding proposal from Primary Health Properties PLC (PHP) for an all-share merger. Based on PHP’s share price of 90.1 pence on 13 February 2025, the implied value of the PHP proposal stood at 43 pence per Assura share — 12.9% lower than KKR and Stonepeak’s cash offer. Given the higher valuation and reduced risk associated with an all-cash transaction, the Board decided to reject PHP’s proposal.
