The bidding war for GP surgery owner Assura intensified after a major NHS landlord made a rival offer of nearly £1.7billion.
Assura’s board last night said it would review the latest approach from Primary Health Properties (PHP) after accepting a £1.6billion bid from American buyout giant KKR last month.
Analysts said that the PHP bid was the more attractive option for Assura shareholders.
The tussle has seen both parties up their offers several times to try and clinch a deal.
Both Assura and PHP own doctors’ surgeries, hospitals and hospices across the UK, and are major landlords to the NHS.
KKR, one of the biggest private equity outfits in the States, has teamed up with New York investment firm Stonepeak for its takeover attempt.
Looking for a deal: Both Assura and PHP own doctors’ surgeries, hospitals and hospices across the UK, and are major landlords to the NHS
PHP has offered 51.7p per share for Assura, valuing it at £1.68billion. In comparison, KKR’s bid was 49.4p per share or £1.61billion.
A deal with the private equity giant would see Assura become the latest firm to leave London’s struggling stock market.
Oli Creasey, head of property research at asset manager Quilter Cheviot, said: ‘The PHP bid appears superior in financial terms.’
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
