KKR Faces Setback as Assura Rejects Fourth Takeover Proposal

2 min read | February 17, 2025 02:37 AM EST | By Team Kalkine Media

KKR Faces Setback as Assura Rejects Fourth Takeover Proposal — Image source: shutterstock

Proposal Details and Valuation

KKR’s offer of 48.0 pence per share represented a 28.2% premium over Assura’s closing price of 37.4 pence on the same day the bid was submitted. However, the offer also fell 2.8% below Assura’s EPRA Net Tangible Asset Value per Share, which stood at 49.4 pence as of 30 September 2024.

Comparing historical stock performance, the bid reflected a 30.1% premium over Assura’s one-month volume-weighted average share price of 36.9 pence and a 26.9% premium over its three-month average of 37.8 pence. Despite these figures, Assura’s Board remained firm in its decision to reject KKR’s latest approach.

Previous Attempts and Ongoing Efforts

This latest rejection follows months of engagement between KKR and Assura’s Board. Over the past six months, KKR had put forward three previous written proposals, all of which were unanimously declined by the Board. With this fourth rejection on 15 February 2025, Assura has again signaled its reluctance to entertain a potential takeover.

KKR remains convinced that its proposal offers an attractive opportunity for Assura shareholders to cash out at a significant premium to the current market price. The firm also acknowledged the separate announcement made by USS Investment Management Limited on 17 February, acting on behalf of Universities Superannuation Scheme Limited, following the rejection of KKR’s offer.

Uncertain Future for the Bid

Following the latest setback, KKR is now reconsidering its next steps. While it has not ruled out further engagement, the firm stated that there is no certainty a firm offer will be made. KKR has committed to making further announcements if and when appropriate.

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