LONDON - Kohlberg Kravis Roberts & Co. L.P. (KKR), a global investment firm, has submitted its fourth indicative non-binding proposal to acquire all issued and to be issued share capital of healthcare property developer Assura plc. The latest offer, made on Sunday, is priced at 48.0 pence per share, valuing Assura at approximately £1,562 million.
This proposal represents a 28.2% premium over Assura's closing share price on the date of the offer and a 30.1% premium to the volume weighted average share price of the last month. Despite the attractive premium, the offer is a 2.8% discount to Assura's reported EPRA Net Tangible Asset Value per Share as of 30 September 2024.
KKR's pursuit of Assura has been ongoing for six months, with three previous proposals rejected by Assura's Board. Following the latest rejection on Monday, KKR is evaluating its options and the merit of further engagement with the Board. The investment firm acknowledges a recent announcement from USS Investment Management Limited, which came after the Board's rejection of KKR's proposal.
Under the City Code on Takeovers and Mergers, KKR has until 5.00 pm London time on 14 March 2025 to either announce a firm intention to make an offer for Assura or to declare that it does not intend to make an offer. This deadline may only be extended with the consent of the Takeover Panel.
KKR has also reserved the right to propose a lower offer or on less favorable terms if certain conditions are met, including an agreement with Assura's Board, a lower competing offer, or specific corporate actions by Assura. Additionally, KKR may adjust the offer if Assura issues dividends or returns of value to its shareholders.
The information in this article is based on a press release statement. It provides an overview of the current situation without speculating on the potential outcome or broader industry implications.
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