KKR has partnered with Stonepeak Partners to make a £1.6bn (€1.9bn) bid for UK healthcare property investor Assura, after KKR’s previous offer with UK’s Universities Superannuation Scheme (USS), which was 2.9% lower, was rejected last month.
The board of Assura said the latest possible cash offer of 49.4p per share, which consists of a declared 0.84p quarterly dividend and 48.56p cash at closing, would likely receive their recommendation to shareholders, subject to the agreement of the other terms of the offer.
Assura also disclosed receiving a non-binding all-share merger proposal from Primary Health Properties (PHP), valued at 43p per Assura share but said the KKR consortium’s 49.4p cash offer was more attractive and therefore rejected the PHP proposal.
Last month, Assura rejected a £1.56bn possible offer from KKR and USS. Following the rejection, USS said it did not intend to make an offer for Assura, as part of the consortium or otherwise.
At the time, KKR said it was considering whether to continue engaging with the board, but there is no guarantee that a firm offer will be made.
London-listed Assura, designs, builds, invests in and manages general practitioner and primary care buildings in the UK. As of the third quarter of last year, the company owned 625 healthcare buildings across the UK and Ireland, valued at £3.2bn.
To read the latest IPE Real Assets magazine click here.
