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KKR Urges Assura to Abandon PHP Deal as CMA Bars Full Integration

KKR says its 50.42p-per-share cash bid now outvalues PHP’s on a net basis after recent share dips, pressing the board for support under the CMA’s enforcement order.

Assura owns more than 600 healthcare buildings worth £3.2 billion
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Overview

  • KKR’s Bidco held discussions with Assura’s board to persuade directors to switch their backing from PHP to its 50.42p-per-share cash offer.
  • PHP’s 51.7p-per-share offer, backed by Assura’s board since June, remains below the acceptance threshold as shareholders must decide by the August 12 takeover-code deadline.
  • The Competition and Markets Authority has barred PHP from fully integrating Assura under an initial enforcement order while it assesses competition risks in the merged portfolio.
  • KKR disputes PHP’s claim that its share-price drop was due to temporary merger arbitrage, warning that unhedged investors could sell immediately and further depress PHP’s valuation.
  • Assura controls 603 NHS-backed primary care and hospital properties valued at £3.1 bn serving over six million patients, compared with PHP’s 516 properties valued at £2.8 bn.