PHP’s £1.79bn Bid Wins Board Backing in Assura Takeover
Shareholder approval hinges on PHP’s share price after its 4% drop under the shadow of CMA scrutiny.
Overview
- Assura’s board has recommended shareholders accept a mixed cash-and-share offer valuing the FTSE 250 healthcare property owner at £1.79bn.
- The PHP proposal carries a 47% premium to Assura’s mid-February share price and eclipses KKR’s near-£1.7bn best final bid.
- PHP shares plunged about 4% on the day of the announcement, threatening to reduce the offer’s overall value.
- Regulators at the Competition and Markets Authority may investigate the deal for its impact on competition in UK healthcare real estate.
- KKR is meanwhile exploring a bid for industrial group Spectris after its £3.8bn agreement with Advent International.