British healthcare Reit Assura stated on Thursday it has obtained a £1.5bn takeover proposal from Main Well being Properties, above an earlier provide it had rejected, however beneath what a US non-public group has proposed.
That is the seventh proposal in as many weeks fielded by Assura, which runs greater than 600 healthcare properties with an funding worth of greater than £3bn, and counts Britain’s state-backed Nationwide Well being Service as a buyer. The newest one from rival Reit PHP, value 46.2p per share, comes weeks after Assura rejected its 43p proposal in favour of 49.4p per share proposed by a consortium of US non-public fairness group KKR and Stonepeak Companions.
Underneath the most recent proposal, Assura’s shareholders will get 0.3848 new PHP shares, 9.08p in money, retain a quarterly dividend of 0.84p per share and personal 48% of the mixed group, Assura and PHP stated in a joint assertion.
Assura shareholders will even have an choice to “combine and match” various proportions by which they obtain new PHP shares and money, it stated.
PHP’s proposed worth represents a 23.5% premium to Assura’s closing share worth on February 13, the day earlier than Assura obtained its first takeover strategy. Its shares closed at 46.48p on Wednesday.
KKR and Stonepeak have till April 11 to make a agency provide. Assura stated final month it might advocate a remaining provide made on the consortium’s newest proposed phrases.
KKR and Stonepeak didn’t instantly reply to a request for touch upon PHP’s newest proposal.
Reuters
