By Nina Kienle
Primary Health Properties lowered the shareholder acceptance threshold to proceed with its takeover bid for Assura, and urged the target to reconsider its proposal, after Assura agreed to a rival offer from a consortium of private equity firms KKR and Stonepeak Partners.
The U.K. real-estate investment company on Friday said it now only needs acceptances from over 50% of Assura's shareholders to match the competing offer, increasing the deal's chances to go through.
In addition, the company said it has agreed not to reduce its offer if Assura gives shareholders an early payment of their 2025 dividend of up to 0.84 pence per share. This is only if the takeover deal is completed, it added.
The response follows Assura statement on Wednesday that the offer poses material risks and downsides for its shareholders and that it recommends accepting KKR-Stonepeak's improved proposal.
PHP said it has a clear plan to reduce leverage and maintain a strong credit rating.
Based on PHP's closing price of 103.0 pence per share on June 12, the proposal implies a 53.0 pence-per-share offer, or a total valuation of 1.72 billion pounds ($2.34 billion). This compares with a sweetened takeover offer of 1.7 billion pounds from the KKR-Stonepeak consortium.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
June 13, 2025 04:38 ET (08:38 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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