UK healthcare property investor Assura has rejected a £1.56bn (€1.87bn) possible offer from investment firm KKR and the UK’s Universities Superannuation Scheme (USS).
KKR confirmed its rejected bid, stating that it submitted four proposals to Assura’s board for a potential cash offer for all of Assura’s shares, most recently at 48p per share on 13 February 2025.
On 14 February, Assura disclosed receiving the preliminary, unsolicited approach from KKR and USS, which may or may not result in a formal offer. At that time, Assura said it was reviewing the proposal and advised shareholders to take no action.
Assura rejected the proposal the following day.
KKR said its 48p per share offer, a 28.2% premium over Assura’s 37.4p closing share price on 13 February, was the result of six months of discussions and three prior written proposals, all of which were unanimously rejected by Assura’s board.
Following the rejection, USS said it does not intend to make an offer for Assura, as part of the consortium or otherwise.
KKR said it is 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.
At midday trading, Assura shares were up 12% at 43.76p, valuing the company at £1.43bn.
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