UK’s Primary Health Properties Fends Off KKR Bid for Landlord Assura

UK’s Primary Health Properties Fends Off KKR Bid for Landlord Assura

Primary Health Properties Plc has prevailed in the fiercely contested takeover battle for rival landlord Assura Plc, a watershed deal that saw shareholders reject a cash offer from private equity in favor of remaining invested in a UK public company.

Shareholders back PHP’s $2.4bn takeover of KKR target Assura

Primary Health Properties (PHP) has secured 62.9% shareholder acceptance for its £1.9bn ($2.4bn) cash-and-stock takeover of UK healthcare real estate investor Assura, ending a months-long bidding battle with US private equity group KKR, according to a report by Reuters. The deal, backed by Assura’s board in June after PHP raised its offer, has now satisfied all remaining conditions and will proceed to completion. The transaction is notable as on…

Morning briefing: 62.9% of Assura shareholders back PHP merger; plus AAIF, NRR, DIVI, GABI, RLE, LWI

Primary Health Properties (PHP) has won the battle for rival NHS landlord Assura (AGR) with 62.9% of Assura shareholders accepting its cash and shares offer by yesterday’s 1pm deadline. The offer of £460m in cahs and a 48% stake in the enlarged business has been declared unconditional while the rival £1.7bn private equity cash offer from KKR and Stonepeak Partners has lapsed after gaining only 16.56% support. A number of large Assura investors, …

Assura investors vote for PHP deal, but regulator looms – Northern Financial Review

Shareholders of Altrincham-based healthcare real estate investment trust Assura have voted to accept a roughly £1.8 billion cash and shares takeover offer from UK-listed rival Primary Health Properties (PHP), defeating an all-cash offer from private equity firms KKR and Stonepeak Partners. Nonetheless, the UK’s Competition and Markets Authority (CMA) has already issued an initial enforcement order on a PHP-Assura transaction while it examines th…